BP denies ex-CEO Bernard Looney a US$41 million payout
- Bernard Looney resigned from BP in September after failing to be ‘fully transparent’ about relationships with colleagues
- BP cut US$41 million in remuneration from the former CEO after the British oil giant concluded he had ‘knowingly misled the board’
The former chief executive of BP has been denied a £32.4 million (US$41 million) payout after he was found to have misled the company over his past relationships with colleagues, the energy giant said.
BP said the company sought assurances from Looney in 2022 about the relationships but has concluded that his statements were “inaccurate and incomplete”.
“Mr Looney knowingly misled the board,” BP said on Wednesday. “The board has determined that this amounts to serious misconduct.”
The firm said the £32.4 million worth of salary, pension, bonus payments and shares have been forfeited as a result. Some payments already given to Looney, including 50 per cent of the cash bonus paid for the 2022 financial year, will be “clawed back”, it added.
The move reflects “the decision by the board that Mr Looney should not retain any variable pay relating to service following the date of the misleading assurances,” BP said.