The former CEO of BP Bernard Looney will lose a remuneration of 32.4 million pounds (about 37 million euros) after being formally dismissed today for misconduct, despite the fact that he already announced his departure on September 12, reported this Wednesday the oil company.
BP says in a statement that Looney committed “serious misconduct” by hiding information during an investigation in 2022 about his personal relationships with colleagues and therefore will not be paid certain emoluments, in addition to his term being “terminated.” notice, according to EFE.
“After careful analysis, the board has concluded that, by providing inaccurate and incomplete assurances in July 2022, Looney deliberately misled” the board, the note states.
Consequently, BP formally dismisses the manager and reviews his pay, so that he will not receive or will have to repay a maximum total value of 32.4 million pounds, he specifies.
The total amount includes 1.29 million pounds (1.5 million euros) in salary and pension for the remainder of the notice period (which would have expired on September 11, 2024) and some 3.2 million (3.7 million euros) of his possible maximum bonus for the 2023 financial year, along with almost 25 million pounds (29 million euros) in deferred performance shares.
Chief Financial Officer Murray Auchincloss has been acting as interim CEO since Looney resigned, while the process to find a replacement is underway.