No one is saying that he saw it coming - how could he have? - but BP Chief Executive Officer Tony Hayward managed to avoid a huge hit on his portfolio by selling one-third of his stake in the company a few weeks before the Deepwater Horizon oil rig explosion took BP's share price down with it.
Britain's Telegraph newspaper reports that Hayward sold a total of £1,4 million ($2 million) worth of BP stock one month before the Deepwater Horizon exploded. He then used the sale proceeds to pay off the mortgage on his family's mansion, which is estimated to be worth £1.2 million ($1.7 million).
Had he still owned the shares, he would now be looking at £443,000 ($629,000) in losses on the block of shares he sold. That's a drop in the bucket compared to the roughly £40 million ($57.6 million) in value destroyed since the rig explosion.
No one is accusing Hayward of impropriety in selling the shares.
Hayward's annual compensation runs $4 million ($5.76 million) a year.
Written by Sandy Smith
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
- Eat, drink and argue: dinner table spats on reality TV
- San Francisco residents cut out popular restaurant's bacon fat, literally
- Two New York Times Food Writers take a grocery shopping tour (video)
- Gary Cole, federal prisoner: Taco Bell stole his Doritos Locos Tacos idea
- Reduce your kidney stone risk by 23 percent by doing this
- HGTV Kitchen Cousins Are Coming Back for More
- Celebrity chef allegedly killed over poorly prepared noodles
- KFC smuggling in Gaza with labor problems in US (VIDEO)
- Weekend Recipe: Rainbow chard, cherries and balsamic with grilled trout
- Deer Corn Recall Issued, FDA Indicates Possible Aflatoxin Contamination
- Cooking with Kale: Easy Recipes to Get You Started with This Superfood
- Zoe Saldana Reveals Her Weight as Women of All Sizes Strive for Confidence
- Outdoor grilling lessons - get ready for summer
- Where are Marley 12 oz cold coffee cups sold?
- Hot weather dinner salad - asparagus, tomatoes and tuna