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BP chief Tony Hayward sold shares weeks before oil spill
Key Excerpts from Article on Website of The Telegraph (One of the UK's leading newspapers)
Posted: June 14th, 2010
http://www.telegraph.co.uk/finance/newsbysector/energy/oilan...
Tony Hayward cashed in about a third of his holding in the company one month before a well on the Deepwater Horizon rig burst, causing an environmental disaster. Mr Hayward, whose pay package is £4 million a year, then paid off the mortgage on his family’s mansion in Kent, which is estimated to be valued at more than £1.2 million. His decision ... means he avoided losing more than £423,000 when BP’s share price plunged after the oil spill began six weeks ago. Since he disposed of 223,288 shares on March 17, the company’s share price has fallen by 30 per cent. About £40 billion has been wiped off its total value. The spill, which has still not been stemmed, has caused a serious environmental crisis and is estimated to cost BP up to £40 billion to clean up. Mr Hayward, whose position is thought to be under threat, risked further fury by continuing plans to pay out a dividend to investors next month.
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