Bernard Looney, the former chief executive of BP, has been denied a substantial payout of 32.4 million pounds (US$41 million) following findings that he was not completely honest about his past relationships with colleagues. BP announced yesterday that Looney, who resigned in September, failed to be “fully transparent” in his disclosures, leading the company to conclude that his statements were “inaccurate and incomplete.”
BP’s investigation revealed that Looney had knowingly misled the board, which the company categorized as serious misconduct. As a result, Looney will forfeit the multimillion-pound compensation package, which includes his salary, pension, bonus payments, and shares. Additionally, BP plans to reclaim some payments already made to Looney, including half of his cash bonus for the 2022 financial year.
This decision by BP’s board indicates a firm stance against retaining any variable pay for Looney following the date he provided misleading information. Looney, who became CEO in February 2020, had been with BP since 1991 when he joined as an engineer. Following his resignation, chief financial officer Murray Auchincloss has taken over as interim CEO while the company searches for a permanent replacement.
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