Interesting fact about BP CEO Tony Hayward’s departure and I have to agree with the WSJ here. He is not departing the position with a huge payoff as many other big time CEOs do. Yes, he is getting a severance package but it is not even close to what we have seen over the years when troubled CEOs leave their offices. As the Journal says: “While Hayward may, inwardly, be smarting, he is stepping down with dignity. A lesson other corporates would do well to note.”
I think that CEOs who act with dignity and integrity can help restore the state of CEO reputations today. Of course, as the Journal points out, there are many other reasons that this may have come to past but I think that the message is clear that BP now starts the recovery period of repairing their once-esteemed reputation and even a departing CEO can play a role beyond his or her tenure.