To everyone out there who is cheering, do you all realize that it was reported sometime back that there was speculation among some camps that Tony Hayward was trying to get out of running BP because getting fired or resigning would be better for him than leaving under good terms? That is, he had virtually no incentive to put himself through the ordeal of cleaning up the oil spill, yet if he left he'd get a giant pile of cash, pension, and other benefits.
In other words, he just proved how smart he was. The details are just coming out but it looks like he will receive what is equivalent to $900,000 per year in pension benefits plus a significant severance package, which might include a lump sum in the seven or eight figures.
To those who think this is excessive, you realize that BP is expected to generate $10+ billion in profits this year even with the spill and, if you include that figure, over the past 4 fiscal years, BP has generated just shy of $100 billion in pre-tax profit. It isn't even a rounding error on the spreadsheet. This firm is bigger than most of the sovereign nations on the planet.
(I should probably disclose I indirectly own, through one of my operating businesses, a relatively tiny speculative position involving BP call options. Right now, they are underwater and don't expire until January of 2012. They are a total, pure gamble that has nothing to do with our day-to-day investments; equivalent to roulette at a casino. They are not even remotely appropriate for anyone else to own or trade.)
Excellent, resourceful and right to the point. Thank you Mr. Kennon.