BP boss reaps bumper £4m pay

Chief executive of BP, Tony Hayward, took home £4.01m in cash and shares last year despite a 45 per cent drop in the oil firm’s year-on-year profits. This equates to a 41 per cent rise on Hayward’s 2008 salary of £2.85m, according to the oil giant’s annual report. Byron Grote, BP’s chief financial officer, Andy Inglis, the head of exploration and production and Iain Conn, the head of refining and marketing, also received increased pay packets in 2009, despite the company last month revealing its lowest profits since 2003. BP also approved a 25 per cent salary increase for its latest chairman, Carl-Henric Svanberg, who will receive a £750,000 pay packet – £150,000 more per year than his predecessor Sir Peter Sutherland.