BP CEO Tony Hayward sold off a third of his shares of the faltering oil giant just weeks before the Deepwater Horizon disaster began on April 20. Hayward may not have gotten much right since, but his timing on the sell-off -- the proceeds of which he used to pay off his mortgage on his family's mansion in Kent -- turned out to be unimpeachable. The spill has since rocked BP's stock price
According to The Telegraph, Hayward
unloaded 223,288 shares on March 17, at 630.70 pence each, for a total of about 1.4 million pounds, or $2,037,280. Yesterday, BP's stock closed at 365.50 on news that the company might reduce or postpone its second quarter dividend payments. That means that selling in March saved the CEO some $857,000. Which may come in handy if, or perhaps when, he's relieved
of his nearly $6 million pound-a-year job at BP.