BP CEO sold shares before oil rig explosion

BP chief Tony Hayward sold shares weeks before oil spill
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.

By Jon Swaine and Robert Winnett
Published: 12:10AM BST 05 Jun 2010

BP chief executive Tony Hayward has been under intense pressure since the oil well erupted on April 20
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. [Well, certainly not!–MCM]

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