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BP chief leaves with £1 million payoff

Tony Hayward, the chief executive of BP, has announced that he will leave the company with a £1 million payoff and a £10 million pension fund. He will receive a pension of around £500,000 a year and has already been earmarked for a position at a joint venture company between BP and TNK in Siberia. After days of rumours it has been confirmed that BP will be installing a new chief executive in the short and indeed the company has confirmed that £20 billion has been put aside to cover the cost of the cleanup associated with the Gulf of Mexico disaster, pushing the company into a loss of around £12 billion for the quarter.

While this is a disaster for BP, and the environment, the company believes it can come back as an independent operator and plans to sell around £20 billion of asset in the short to medium term to reduce the pressure on the balance sheet. As work continues in the Gulf of Mexico to secure the broken well the share price of the company has risen over the last few days due to a mixture of relief and takeover speculation.

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