BP's Hayward to Resign in Oct.

CEOs

Updated Apr. 24, 2017 6:33PM EDT / Published Jul. 26, 2010 9:39AM EDT

They may not quite be sending him to Siberia, but it’s close. BP CEO Tony Hayward will step down in October, according to the BBC, but he won’t be leaving the company altogether: He’s going to take a non-executive position on the board of the firm’s Russian joint venture with TNK. Ironically enough, his replacement as BP’s CEO, American Robert Dudley, headed up the BP-TNK joint venture until 2008. Reuters says Hayward’s severance package will be worth at least $18 million.

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BP's Hayward to Resign in Oct.