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Golden parachute unlikely if Hayward leaves BP
CNNMoney.com

If embattled BP chief executive Tony Hayward leaves the company, he is not likely to walk with a massive windfall, compensation experts said.

While his departure is not imminent, speculation is rampant that the oil spill in the Gulf of Mexico will cost Hayward his job. According to a prediction market run by Intrade, there is a 70% chance Hayward will be gone before the year is out.

That raises the question of how much severance he could receive if he steps down.


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BP spokesman David Nicholas would not comment when asked about a possible severance plan, adding that Hayward remains the company's chief executive.

But experts say Hayward will probably not get a lucrative package of bonus money and stock awards that many U.S. companies give to outgoing CEOs as so-called golden parachutes.

"He will be lucky to get a single year's salary," said Paul Hodgson, a senior researcher at The Corporate Library, a governance group. "And even that could be mitigated in certain circumstances."

Hayward's salary last year was just over 1 million British pounds, or $1.5 million, according to BP's annual report. He also received a bonus worth more than $3 million and stock valued at nearly $1 million in 2009, the report said.

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