BP more than tripled chief Bob Dudley’s pay last year to £5.2m
OIL GIANT BP more than tripled chief executive Bob Dudley’s pay in 2013, due to his efforts in turning around the business after the infamous Gulf of Mexico disaster.
Dudley received a cash bonus of $2.3m (£1.4m) in 2013, up from $837,000 in 2012, on top of a base salary of $1.8m. Including performance-related shares of $4.5m, his total pay reached $8.7m.
“[The increased remuneration] reflect[s] strong and sustained performance with safety steadily improving, operations performing well and a portfolio of assets growing through capital discipline and strong project management,” said FTSE 100-quoted BP in its annual report. “The significant divestments of the last few years have made the company smaller but stronger, with improved potential to grow value.”
Dudley has worked to streamline the firm as it continues to struggle with the fallout from the 2010 oil spill, the largest in US history.