What: Tony Hayward, who was an embarrassing failure as the public face of BP’s bumbling response to the disastrous Gulf of Mexico oil spill, will step down as CEO in October. He will get an immediate $930,000 annual pension and will be offered a job with the company’s joint venture in Russia.
How: BP executives are eligible to retire with full benefits at age 50. Hayward is 53, so BP sources say the company must “honor its contract.” However, they were under no obligation to offer him a position at Russia’s third-largest oil company.
Why it’s outrageous: The deal is yet to be official, but its outline has been reported by numerous major news outlets. This might be the ultimate example of failing at your job and exiting with a golden parachute.