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BP’s former CEO, Bernard Looney, has found himself in hot water for withholding information from the company’s board.
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BP, the 113-year-old oil giant, stated in a press release that Looney had “knowingly misled the board” about his personal relationships with colleagues, leading to a remuneration cut of £32 million ($41 million).
Looking forward to 2023, Looney won’t receive any further salary, pension allowance, benefits, or annual bonus. Additionally, he’ll give up unvested share awards, repay half of the cash portion of the annual bonus paid to him in the 2022 financial year, and forfeit a portion of his vested shares from August 2023.
Looney was immediately dismissed on Dec. 13, and BP’s acting CEO, Murray Auchincloss, will continue in the role as the company embarks on the search for a permanent successor.
For more information, read Looney’s personal statement here.
87%: Percentage of the potential remuneration forfeited due to Looney’s resignation, including £24.9 million ($31.4 million) in performance share awards and a £2 million ($2.5 million) annual 2023 bonus (calculated using a BP share price of 460.95p, the closing price on Dec. 12, 2023).
Let’s take a quick look at Bernard Looney’s career at BP:
1991: Looney joins BP as a drilling engineer following his graduation from University College Dublin.
2010: Looney becomes part of BP’s executive team.
April 2016: Looney takes over as head of BP’s upstream arm, responsible for oil and natural gas exploration, field development, and production.
February 2020: Looney takes the helm as CEO and sets BP on a path to achieve “net-zero” carbon emissions by 2050.
May 2022: A whistleblower’s allegations prompt an investigation into Looney’s personal relationships, ultimately leading to his resignation. For more details, click here.
To dive deeper into these developments, check out the full article Read More