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BP denies ex-CEO Looney a $41 million payout, saying he misled the agency over work relationships

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BP says its former chief government has been denied a payout of 32.4 million kilos, or $41 million, after he was discovered to have misled the corporate over his previous relationships with colleagues

LONDON — The previous chief government of BP has been denied a 32.4 million pound ($41 million) payout after he was discovered to have misled the corporate over his previous relationships with colleagues, the vitality big mentioned Wednesday.

Bernard Looney resigned in September after acknowledging he had not been “absolutely clear” in his disclosures about his work relationships.

BP mentioned the corporate sought assurances from Looney in 2022 in regards to the relationships however has concluded that his statements had been “inaccurate and incomplete.”

“Mr. Looney knowingly misled the board,” BP mentioned. “The board has decided that this quantities to critical misconduct.”

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The agency mentioned the 32.4 million kilos’ value of wage, pension, bonus funds and shares have been forfeited in consequence. Some funds already given to Looney, together with 50% of the money bonus paid for the 2022 monetary yr, might be “clawed again,” it added.

The transfer displays “the choice by the board that Mr. Looney shouldn’t retain any variable pay regarding service following the date of the deceptive assurances,” BP mentioned.

Looney took on the position in February 2020 after spending his profession at BP, having joined as an engineer in 1991. He has been changed by chief monetary officer Murray Auchincloss on an interim foundation whereas BP searches for a brand new CEO.



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