Former BP boss earns £12m from Iraqi oil venture

Former BP boss, Tony Hayward will pocket more than £12m in a first tranche of payouts less than a year after he set up his own company and then bet on Kurdistan being the next big province for the oil industry.

Hayward who left his old employers with a £10m pension pot after the Gulf of Mexico blowout, exercised his rights to a 6.67% stake in theGenel Energy business along with his partners Nat Rothschild and two other executives. The four Genel backers are entitled to a windfall nudging £160m as they swap their “founder” shares in the Vallares investment vehicle they established in return for ordinary shares in Genel. Hayward and the other founders of Vallares will not be able to sell their shares until 21 November under a lock-in arrangement.

http://www.guardian.co.uk/business/2012/jan/20/former-bp-boss-iraq-oil-venture

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