Markey: No Golden Parachute For Hayward Until Gulf Costs Paid

July 26, 2010 - In light of reports that Tony Hayward will leave as CEO of BP, and will gain a multi-million dollar severance package, Representative Edward J. Markey (D-Mass.) today demanded that BP not provide a golden parachute to Mr. Hayward until it had paid all of the costs resulting from the company's spill.

"At a time when BP should be devoting every possible resource to ending the spill, cleaning up the Gulf and fully compensating the residents who have had their livelihoods impacted, I find it extremely troubling that BP's board would consider providing such a large severance package to Mr. Hayward," writes Representative Markey to Carl-Henric Svanberg, Chairman of BP. "BP should be dedicating its resources to compensating the residents of the Gulf Coast who are the victims of this tragedy, not handing out multi-million dollar golden parachutes."

BP has not yet fully funded the $20 billion escrow account set up to compensate Gulf of Mexico victims from the spill, and reports have indicated that BP has been slow in paying out claims.

The full letter can be found HERE.