Jon Swaine and Robert Winnett
June 6, 2010
The chief executive of BP sold £1.4 million of his shares in the fuel giant weeks before the Gulf of Mexico oil spill caused its value to collapse.
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.
There is no suggestion that he acted improperly or had prior knowledge that the company was to face the biggest setback in its history.
This article was posted: Sunday, June 6, 2010 at 5:10 am