Markey: No ‘golden parachute’ for BP’s Hayward until spill claims paid

Rep. Edward Markey (D-Mass.) is calling on BP to withhold a compensation package for outgoing CEO Tony Hayward until BP has paid all claims stemming from the massive Gulf of Mexico oil spill.

Markey, in a letter Monday to BP Chairman Carl-Henric Svanberg, cites news reports that Hayward is in line to receive a multi-million dollar severance plan that could reach the $18 million range.

“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 Markey, who chairs the Select Committee for Energy Independence and Global Warming.