BP chief executive Tony Hayward is expected to stand down today but he could receive a pay-off of £1m with his pension pot potentially as big as £10.8m.
He is expected to stand down following widespread criticism of his handling of the Gulf of Mexico oil spill and will be replaced by managing director, Bob Dudley, who has taken charge of the clean-up operation.
It is believed the terms of Hayward's employment entitles him to a payout of at least £1m, according to the BBC. Meanwhile, the Daily Telegraph is reporting his pension pot could be as much as £10.8m, resulting in an annual payment of about £584,000.
BP this morning responded to the press speculation, saying "no final decision has been made" over potential changes to management and the charge for the costs of the Gulf of Mexico oil spill.
"A board meeting is being held on Monday evening ahead of the announcement of the second quarter results on 27 July. Any decisions will be announced as appropriate," it says.
An engineer by training, Hayward spent the past 28 years with BP and was a popular choice for the top job when Lord Browne stepped aside in 2007.
BP has lost 40% of its market capitalisation since the May spill. The company's second quarter results, due tomorrow, are expected to reveal a provision for the costs of the clean-up, compensation claims and fines to be paid.
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