Fired BP CEO Bernard Looney will lose more than $30 million in bonuses

13 dec 2023 om 21:00 Update: 2 uur geleden

Bernard Looney, the former chief executive of BP, will lose up to £32.4 million (€37.6 million) in bonuses because he was forced to leave the oil and gas group in September. Looney resigned because he withheld information about his relationships with colleagues.

Looney had to speak openly about his affairs with colleagues in July last year. The CEO also promoted women with whom he had affairs, the business newspaper wrote Financial Times previously. Lonnie promised to behave better from now on.

But in September, it emerged that Looney had been withholding certain things. For this reason, board members accused the CEO of deception, after which he was forced to leave the company immediately. The information Looney withheld was not disclosed.

Most of the multi-million dollar compensation to which Looney was owed as of July 2022 will automatically expire due to his dismissal. In addition, the Board of Directors canceled approximately 10% of the bonuses, because the former CEO had committed serious misconduct.

BP has not yet found a permanent successor for Looney. Murray Auchincloss, the former CFO, is currently interim chairman of the British company.

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Jeffrey Clark

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Fired BP CEO Bernard Looney will lose more than $30 million in bonuses | Economy

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