Chief Exec of BP

[foxyferret]

I heard on the news that the Chief Exec of BP is "negotiating his exit". A bit like the MP's caught up in the expenses scandal saying they would not stand for re-election. After apparently not doing a very good job, why has he not been sacked? No doubt these negotiations will involve getting as much money/pension for himself as possible. Wouldn't happen to lesser mortals, if you don't do a good job, usually your contract is terminated with no golden handshake and no glowing reference. What do other abers think?

[jake-the-peg]

What exactly do you think he has done a bad job of?

Seems most of the fault lies with the subcontractors

The PR - yes perhaps but where was the chairman in all of this? Keeping a very low profile

[McMouse]

The guy has worked for BP for nearly 30 years so he can't be that bad. However Obama has pointed the finger at him so he has to go.

[ludwig]

Employees at his level are unsackable. They always 'step down'. That's true of any company.
The main problem is the numerous PR gaffes, and the fact that the buck stops with him even though he didn't personally cause the leak.

[McMouse]

The blow of losing his job will be softened a bit by the predicted £10 million pay off.

[foxyferret]

Jake, didn't say he had done a bad job, I said apparently. The fact he has been there for 30 years doesn't really mean a lot. I had a friend who was with the same company for 23 years and was instantly dismissed because she had made a mistake which embarassed a councillor. The fact she had done an excellent job previously counted for nothing. £10 million pay off seems to be a little obscene.

[youngmafbog]

Looks like he is falling on his sword. The payoff (who knows what at the moment ) will probably be good value to BP who can then use him as the excuse.
The problem lies with the sceptics and it is a sad day for English boards when a load of tw*ts from the US can hound out an executive.

Mybe the payoff would be of comfort to many on here, however I suspect that at this level reputation means more than money.

[foxyferret]

If your pay off is good enough to last the rest of your days without ever working again, does reputation really matter?

[joggerjayne]

I agree about reputation not mattering.

£10m invested at 5% will give him an income of £500,000 per year.

If inflation is 2%, he needs to put £200,000 back into the account to maintain the value of the fund.

That leaves him with £300,000 per year, index linked, for ever !

Could any of us manage on £300,000 a year?

I think we'd get by.

(nb. This assumes he doesn't have any other savings, as well).

[jake-the-peg]

Re good/bad job - I'd say that was a fine distinction

Anyway - yes I think his reputation does matter to him. You seem to think that all that motivates these people is money -If that was the case many of the top execs would have retired years ago.

I know a lot of Vice Presidents in my organisation who have retired to go "lie on a beach". I know most of us would.

It tends to weed those who are insufficiently competetive to reach the very top.

Consequently those actually running big organisations are often motivated as much by presige as money - of course you can't have prestige without money.

He will no longer be running meetings with people looking to him for approval, won't have the say over budgets in the billions, people won't be looking up to him - treating him with respect , especially if he leaves under a cloud.

Yes I think it will matter to him