The board of British oil and gas giant BP announced its remuneration determinations after finding the company’s former chief executive officer committed “serious misconduct” in his disclosure of personal relationships with company colleagues.
Bernard Looney resigned in September upon informing the company he had not been fully transparent regarding its investigation into his relationships. The board’s initial review into the matter, first raised in May 2022, found no breaches of the company’s code of conduct.
But after further allegations were raised, and Looney admitted he hadn’t been fully honest, the board concluded it was misled.
“The board has determined that this amounts to serious misconduct, and as such Mr. Looney has been dismissed without notice,” the company’s press release Wednesday stated.
The dismissal ends Looney’s 12-month notice period. He will not earn any further salary or bonuses, and his unvested share awards will lapse. The company also said Looney will repay 50 percent of the cash portion of his financial year 2022 bonus and a portion of his award of shares that vested in August under a three-year performance plan.
In total, the remuneration will cost Looney up to approximately 32.4 million pounds (U.S. $41.4 million), based on current value calculations.
Since Looney resigned, Murray Auchincloss, the company’s chief financial officer, has served as interim CEO.
Looney was named CEO in 2019, after 28 years rising the ranks of the company.