The Strategist

BP to strip former CEO of over $40M in remuneration

12/15/2023 - 02:08

According to a press release from BP, Bernard Looney, who left the company in September, would receive less money from his previous employer than he is due—roughly 32.4 million pounds ($40.9 million).

Mike Mozart
Mike Mozart
The reason Looney departed the organization on September 12th was that he "was not fully candid in disclosing his personal relationships with colleagues." The board of directors at BP deemed this to be a significant violation.

Eighty-seven percent of this sum was automatically lost by Looney due to his resignation, ten percent – since the occurrence was considered a major misconduct, and three percent because of the board's judgment.

In particular, he will give back half of his 2022 cash bonus, lose his current year's pay and bonus, and forfeit one-sixth of the August 2020–2022 share bonus.


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