Energy
Wednesday, December 13th, 2023 6:16 pm EDT
Key Points
- Remuneration Clawback: BP has announced its decision to claw back up to £32.4 million ($40.59 million) in remuneration from former CEO Bernard Looney. This action follows the company’s conclusion that Looney “knowingly misled” the board regarding personal relationships with colleagues.
- Dismissal and Financial Impact: The company has dismissed Bernard Looney without notice, effective December 13. As a result, Looney will not receive further salary or benefits from the dismissal date, and he will not be paid an annual bonus for fiscal 2023. The dismissal stems from Looney’s resignation in September, where he stepped down immediately after less than four years in the role for failing to fully disclose details of past personal relationships with colleagues.
- Board’s Decision and Interim CEO: The board of BP, after careful consideration, has concluded that Looney knowingly misled the board by providing inaccurate and incomplete assurances in July 2022. Chief Financial Officer Murray Auchincloss has been acting as the interim CEO during the investigation into accusations against Looney and the ongoing search for his successor.
BP has announced its decision to claw back up to £32.4 million ($40.59 million) in remuneration from former CEO Bernard Looney after determining that he “knowingly misled” the board regarding personal relationships with colleagues. Looney, who resigned in September, will not receive any further salary, benefits, or an annual bonus for fiscal 2023 from the dismissal date, according to the company’s statement. BP accused Looney of providing inaccurate and incomplete assurances in July 2022, prompting the board’s decision to dismiss him without notice. The company’s Chief Financial Officer, Murray Auchincloss, has been serving as the interim CEO during the investigation and the search for Looney’s successor.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/12/13/bp-pulls-back-40-million-in-pay-from-former-ceo-looney.html
