The Exxon Valdez is going to pale in comparison

Looks like Hayward has had enough: http://www.bbc.co.uk/news/business-1...

Scratched wrote:

Looks like Hayward has had enough: http://www.bbc.co.uk/news/business-1...

Finally he can get his life back!

Can't wait to see how much he walks away with.

Unreal that not only does he think he's owed a cent but that BP's board and shareholders are willing to give it to him. How about this: "You oversaw the creation of the worst environmental disaster in history. Don't let the door hit you on the way out." If anything, he should be forced to repay all his salary/bonuses/incentives for however long the rig is eventually determined to have been operating outside safety guidelines.

I heard about this somewhere else and at the time it came across as a more "resign or be prosecuted' scenario. Unfortunately, Hayward is privy to all of BP's dirty little secrets. I they canned him flat he likely could damage them very badly in upcoming trials. You have to love corporate arrogance.

MikeMac wrote:

For me, this is yet another interesting tidbit of information that makes you wonder about all the other rigs out there. How many others either have hyperactive alarms that have conditioned the crews to basically ignore them, or have led the crew to flat out disable them?

You're assuming that BP's definition of "false alarm" corresponds to the equipment's definition. It could be that the alarms were working exactly as designed, except BP thought that its tolerance settings were a little too low. After all, if 10 ppm is OK, then why isn't 15? It's only 5 more...

MikeMac wrote:
Scratched wrote:

Looks like Hayward has had enough: http://www.bbc.co.uk/news/business-1...

Finally he can get his life back!

Can't wait to see how much he walks away with.

I'm positive Mr. Hayward will enjoy his retirement immensely. I wonder if the severance will cover having that boot removed from his ass.

Parallax wrote:

Unreal that not only does he think he's owed a cent but that BP's board and shareholders are willing to give it to him. How about this: "You oversaw the creation of the worst environmental disaster in history. Don't let the door hit you on the way out." If anything, he should be forced to repay all his salary/bonuses/incentives for however long the rig is eventually determined to have been operating outside safety guidelines.

I get the impression that they would have been more than happy to let him stay if he'd only learned to keep his damn mouth shut. If he'd quietly managed everything from the back rooms, his name would be out there but no one would think anything of it. He got in front of cameras and now his name is the very definition of arrogance.

Hayward's getting an "immediate" 600,000 pound annual pension. That's like, 300 tons! Or US$929,340. Also:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

a BP source says he will be nominated for a non-executive position at the firm's Russian joint venture.
LobsterMobster wrote:

Hayward's getting an "immediate" 600,000 pound annual pension. That's like, 300 tons! Or US$929,340. Also:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

a BP source says he will be nominated for a non-executive position at the firm's Russian joint venture.

A million dollars a year doesn't go as far as it once did. I'm sure being pushed out really gutted him.

Paleocon wrote:
LobsterMobster wrote:

Hayward's getting an "immediate" 600,000 pound annual pension. That's like, 300 tons! Or US$929,340. Also:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

a BP source says he will be nominated for a non-executive position at the firm's Russian joint venture.

A million dollars a year doesn't go as far as it once did. I'm sure being pushed out really gutted him.

In that case, I'll take that job. I'll take a million dollars a year to do nothing. And hey, I didn't destroy any ecosystems. I'm also a lot younger than Hayward so I can do it a lot longer. I don't mind. I'm not in it for the money.

Paleocon wrote:
LobsterMobster wrote:

Hayward's getting an "immediate" 600,000 pound annual pension. That's like, 300 tons! Or US$929,340. Also:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

a BP source says he will be nominated for a non-executive position at the firm's Russian joint venture.

A million dollars a year doesn't go as far as it once did. I'm sure being pushed out really gutted him.

I'd figure out how to make it work.

If I were a shareholder I'd be pissed at the waste of money going to this guy.

Welcome to the Golden Parachute. SOP for any top executive.

Ranger Rick wrote:

Welcome to the Golden Parachute. SOP for any top executive.

Yup. The thinking goes that the top executives know where the corporate bodies are buried. It's probably best to pay them hush money commiserate with their level of access to prevent them from really f-ing up the future stock price.

It looks like BP is going to replace Hayward with an American. This should be interesting. Listening to BP and the BBC, they're making it sound like America's only angry because they're Brits. Not because our Gulf looks like Coca Cola. I wonder if they'll really be all that surprised when we don't suddenly love them for their new figurehead.

Paleocon wrote:
Ranger Rick wrote:

Welcome to the Golden Parachute. SOP for any top executive.

Yup. The thinking goes that the top executives know where the corporate bodies are buried. It's probably best to pay them hush money commiserate with their level of access to prevent them from really f-ing up the future stock price.

That has to be the reason. He probably went to them and said, "I'm leaving and I'm going to hire someone to write a tell-all that will make me millions in royalties. What's your bid?"

I still think we should keep this particular situation in mind when we hear about "competitive salaries" and how executives earn every cent they make. Hayward went in on promises of improving the culture of safety. This is not the first major disaster that's happened under his watch. He drew a huge salary despite not doing what he said he would, and is now drawing a huge pension after a massive disaster forced him out.

It's hard to argue that he was money well-spent.

LobsterMobster wrote:

It looks like BP is going to replace Hayward with an American. This should be interesting. Listening to BP and the BBC, they're making it sound like America's only angry because they're Brits. Not because our Gulf looks like Coca Cola. I wonder if they'll really be all that surprised when we don't suddenly love them for their new figurehead.

Paleocon wrote:
Ranger Rick wrote:

Welcome to the Golden Parachute. SOP for any top executive.

Yup. The thinking goes that the top executives know where the corporate bodies are buried. It's probably best to pay them hush money commiserate with their level of access to prevent them from really f-ing up the future stock price.

That has to be the reason. He probably went to them and said, "I'm leaving and I'm going to hire someone to write a tell-all that will make me millions in royalties. What's your bid?"

I still think we should keep this particular situation in mind when we hear about "competitive salaries" and how executives earn every cent they make. Hayward went in on promises of improving the culture of safety. This is not the first major disaster that's happened under his watch. He drew a huge salary despite not doing what he said he would, and is now drawing a huge pension after a massive disaster forced him out.

It's hard to argue that he was money well-spent.

According to Rush Limbaugh, the Gulf looks like a beautiful rainbow, not like Coca Cola. Jeez. Get it right.

Golden Parachutes have long been used as hush money. This wouldn't at all be the first time that's been the case.

LobsterMobster wrote:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

I admit I haven't read the whole thread but I do follow the news pretty well ... what exactly was the action Hayward did to destroy the gulf? Did he machine the parts? Did he install them? Was he there that day? Heck is there even a paper trail to show he over ruled good safety practices which might have prevented this?

My guess is the company as a whole, regulators as a whole - the US government as a whole all did things which lead to this disaster. To blame one guy like he is Dr. Evil is just silly. And it also slows down work on real fixes to the system.

Farscry wrote:

If I were a shareholder I'd be pissed at the waste of money going to this guy.

Shareholders should probably be happy to follow the letter of the law (or contract) so that Hayward can't sue for breach of contract. This is the cheapest way for them to get rid of him and therefore the best way for shareholders to protect their investment.

According to Rush Limbaugh, the Gulf looks like a beautiful rainbow, not like Coca Cola. Jeez. Get it right.

Er, it doesn't look like either one.

farley3k wrote:
LobsterMobster wrote:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

I admit I haven't read the whole thread but I do follow the news pretty well ... what exactly was the action Hayward did to destroy the gulf? Did he machine the parts? Did he install them? Was he there that day? Heck is there even a paper trail to show he over ruled good safety practices which might have prevented this?

My guess is the company as a whole, regulators as a whole - the US government as a whole all did things which lead to this disaster. To blame one guy like he is Dr. Evil is just silly. And it also slows down work on real fixes to the system.

Hayward is/was the CEO. Sure he isn't the only person at fault but he is at fault. This happened on his watch and the buck stops with him.

More specifically, he promised to change the culture of safety within the company that would allow things like giving a pass to torn-up gaskets and turning off irritating alarms. So you don't need a paper trail; the man himself said it would be his cause and he's failed.

You're right that Hayward is not Dr. Evil and he did not do this all by himself. That said, he was the guy in charge and the face of the company. I don't think it's unfair for this to end his career... even though it's not.

Paleocon wrote:

According to Rush Limbaugh, the Gulf looks like a beautiful rainbow, not like Coca Cola. Jeez. Get it right.

I like it. A stretch of coursing, swaying horrible colors extending into the horizon, too vast for our senses to take in, thrust into a context they ought not be. It has the flavor of a Lovecraftian landscape, instead of the coke sludge, which is simply gross.

LobsterMobster wrote:
farley3k wrote:
LobsterMobster wrote:

So the guy kills the gulf, makes a gigantic ass out of himself in front of the world, and so will receive more money every year than most of us will ever see, to do absolutely nothing. Unless...

I admit I haven't read the whole thread but I do follow the news pretty well ... what exactly was the action Hayward did to destroy the gulf? Did he machine the parts? Did he install them? Was he there that day? Heck is there even a paper trail to show he over ruled good safety practices which might have prevented this?

My guess is the company as a whole, regulators as a whole - the US government as a whole all did things which lead to this disaster. To blame one guy like he is Dr. Evil is just silly. And it also slows down work on real fixes to the system.

Hayward is/was the CEO. Sure he isn't the only person at fault but he is at fault. This happened on his watch and the buck stops with him.

More specifically, he promised to change the culture of safety within the company that would allow things like giving a pass to torn-up gaskets and turning off irritating alarms. So you don't need a paper trail; the man himself said it would be his cause and he's failed.

You're right that Hayward is not Dr. Evil and he did not do this all by himself. That said, he was the guy in charge and the face of the company. I don't think it's unfair for this to end his career... even though it's not.

And under his watch BP has had an atrocious safety record. Pure evil, no. Arrogantly negligent or incompetent, yes.

Yep, the CEO is the top dog, everything is his fault at some level. If he doesn't want that level of accountability, then he shouldn't hold that position or enjoy the massive money and benefits that come with it.

buzzvang wrote:
According to Rush Limbaugh, the Gulf looks like a beautiful rainbow, not like Coca Cola. Jeez. Get it right.

Er, it doesn't look like either one.

Yeah, it looks more like the entire Care Bear kingdom had simultaneous explosive diarrhea over the northern Gulf of Mexico.

Couple of nice quotes on his way out: Link

"This is a very sad day for me personally," Mr Hayward told reporters.

"Whether it is fair or unfair is not the point. I became the public face [of the disaster] and was demonised and vilified.

He added: "BP cannot move on in the US with me as its leader... Life isn't fair.

"Sometimes you step off the pavement and get hit by a bus."

Do your own dirty work, Hayward.

I am sure that BP will completely change now that he is gone. They will become one of the greatest corporate entities for safety, honestly and transparency.

Farscry wrote:
buzzvang wrote:
According to Rush Limbaugh, the Gulf looks like a beautiful rainbow, not like Coca Cola. Jeez. Get it right.

Er, it doesn't look like either one.

Yeah, it looks more like the entire Care Bear kingdom had simultaneous explosive diarrhea over the northern Gulf of Mexico.

While I don't really care for the imagery, Fars, it's more accurate than saying the entire body of water looks like Cola, or even has enough sheen on it to make it all look like a rainbow.

I think he only took over as CEO in like, January, right? Hard to blame him for something that would have been developing for years.

We know that it's not 100% Hayward's fault, to the exclusion of all others. All right? We know. I've said this multiple times. If you're going to keep defending Hayward, I'd like to know why. Preferably a reasoning beyond, "it will not instantly fix everything forever and therefore is a bad thing to do."

Otherwise, there are enough people at fault that BP should hire someone specifically to clean ass-prints off the door. Hayward was the CEO, the face of the crisis, and a PR nightmare for BP. He's as good a place as any to start and even if this changes nothing, he holds enough responsibility that he should have to answer for this.

I am not going to shed a tear for Tony Hayward. Either a CEO is a highly competent individual who is paid for success and punished for failure, or a CEO is a powerless figurehead who gets paid insane amounts of money to fill a chair. Either way, I see no problem at all with getting rid of a CEO that has failed to deliver success.

Arise chicken, chicken arise!

To absolutely no one's surprise, BP is trying to weasel out of $2.7 billion in fines. According to the article, that still leaves $3.3 billion they will pay, unless it can be proven that the accident was caused by gross negligence. If negligence can be proven, the fines could go up to $23.5 billion.