Tony Hayward picks up $1m bonus from BP

BP paid former chief executive Tony Hayward a share-based bonus worth more than $1m for last year, despite his resignation from the oil giant in July 2010, a US filing showed last night.

Hayward, who quit in the aftermath of the Gulf of Mexico oil spill, received 144,422 shares valued at £720,000. The Briton – who now works for oil group Genel Energy – had retained an entitlement under a long-term share plan linked to company performance.
The Securities and Exchange Commission filing comes just days after BP reached a $7.8bn (£6.5bn) settlement with more than 100,000 people and businesses affected by the spill that killed 11 workers.

Bob Dudley, Hayward’s successor, received a $6.8m package for 2011, a big rise from the prior year.

A BP spokesman said: “Bob Dudley and his management team performed exceptionally well. They have put BP back on tracks to recovery. They turned a $5bn loss in 2010 into a $24bn profit in 2011.

“The downstream business delivered a record year of earnings and the company generally made huge progress in implementing a new safety organisation worldwide and fundamentally restructuring its upstream business.”