Ex-BP boss Looney to lose £32m after ‘serious misconduct’

Ex-BP boss Looney to lose £32m after ‘serious misconduct’

14 Dec    Finance News, News

Former BP boss Bernard Looney will forfeit up to £32.4m after the oil giant found he committed “serious misconduct” in failing to disclose relationships with colleagues.

Mr Looney is to be dismissed without notice and will not receive further salary or benefits, the oil giant said.

He resigned in September after admitting not being “fully transparent” about his past personal relationships.

The board said they had been “knowingly misled” by Mr Looney.

On Wednesday, the firm said Mr Looney had given “inaccurate and incomplete assurances” as part of an investigation into the relationships in 2022.

Mr Looney said in a statement that he was “disappointed with the way this situation has been handled”.

His dismissal means he will get no further salary, pension allowance or benefits, no annual bonus, and lose out on nearly £25m in share awards.

It is understood that Mr Looney’s decision to resign meant his long-term performance share awards lapsed along with his annual bonus for 2023, which represented the majority – 87% – of the £32.4m package. The board also decided to halt other payments and bonuses.

BP first launched a review of Mr Looney’s relationships with colleagues following an anonymous tip-off in 2022.

At the time, the company said Mr Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO” and it found no breach of company conduct.

Mr Looney gave assurances then about disclosing the past relationships, as well as his future behaviour.

But in September the board said it had received similar allegations “recently”, prompting another review.

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