BP CEO runs away to Siberia with $18 million
Sondra Palma
Jul. 27, 2010

BP Chief Executive Tony Hayward will collect a pay and pension package worth at least 11.8 million pounds ($18.03 million) when he steps down from his role at the company.

BP's board is due to meet in London tomorrow to discuss a plan for Hayward to step down and be replaced by Bob Dudley, a senior U.S. executive who is currently managing the oil spill response operation.

BP plans to assign him to a key job in Russia's Siberia far away from modern civilization.

"The sooner Bob Dudley is empowered to act as CEO, especially with regard to the U.S., the better it will prove to be for BP," said a senior global equity strategist in London.

Hayward is set to step down in October and take a post at TNK-BP, the company's joint venture in Russia, according to the person, who spoke on condition of anonymity because an official announcement had not been made by the British company's board.

BP CEO runs away to Siberia with $18 million
Sondra Palma
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