BP’s former CEO forfeits pay of €37.6m for misleading board

The 53-year-old Kerry man will receive no further salary, pension allowance or benefits from the date of his dismissal and will not be paid any annual bonus for the financial year 2023

Bernard Looney stepped down on September 12 over his failure to fully disclose past relationships with colleagues.

BP Plc’s former chief executive officer Bernard Looney will forfeit as much as £32.4m (€37.6m) in pay after resigning in September because he lied about his personal relationships with other employees.

“Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious misconduct.” 

The 53-year-old Kerry man stepped down on September 12 over his failure to fully disclose past relationships with colleagues. He was replaced on an interim basis by Chief Financial Officer Murray Auchincloss, who has been recused from all decision-making related to Looney, the company said.

The former CEO will receive no further salary, pension allowance, or benefits from the date of his dismissal and will not be paid any annual bonus for the financial year 2023, according to the statement. Looney becomes the second FTSE 100 boss to lose their bonus in the past month, following NatWest Group Plc’s decision to slash the pay of ex-chief Alison Rose by £7.6m (€8.8m) after her resignation.

BP continues to search for a permanent replacement for Looney, with headhunters carrying out an external search as well as considering internal candidates. Auchincloss has fended off speculation that BP has become a takeover target in its weakened state, saying its strategy remains in place.

Bloomberg