BP CEO Tony Hayward Out, Robery Dudley In

Just as everyone suspected, BP has replaced that shady-behind Tony Hayward with an American cat:

Tony Hayward will step down as chief executive of BP, the company announced Tuesday, amid ongoing outrage over the oil spill in the Gulf of Mexico. BP said Hayward will be replaced by American Robert Dudley effective Oct. 1. Like Hayward, Dudley is a long-time BP employee with more than 30 years in the oil business. A chemical engineer by training, Dudley was put in charge of the day-to-day leadership of the Gulf Coast clean-up operation in June.

BP said Hayward will receive a year’s salary amounting to $1.6 million but further details of his severance package were not disclosed. Given his recent performance, compensation experts say he will probably not receive the lucrative cash bonuses or stock awards given to many outgoing executives at comparable U.S. corporations.

According to BP’s most recent annual report, Hayward amassed a pension worth nearly $17 million in his 28 years of service, which is expected to be doled out in annual payments of more than $900,000. It is unclear however, if Hayward, who was born in 1957, will be eligible for retirement benefits before he turns 60 years old.

Damn. Dude is still gonna be getting paid out the wazooo…they should take his annual pension payments and use that towards rebuilding the mess that was made in the Gulf.

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