13th Dec 2023 17:04
(Alliance News) - BP PLC on Wednesday said former Chief Executive Bernard Looney has been dismissed without notice after concluding he had "knowingly misled the board".
The oil major said Looney will receive no further salary, pension allowance or benefits from the date of his dismissal, effective from Wednesday.
It also plans to clawback 50% of the cash portion of the annual paid to him in respect of the financial year 2022, and he will forfeit a chunk of his award of shares that vested in August 2023.
In total, BP said, the total maximum value of the potential remuneration that has been forfeited or clawed back is GBP32.4 million.
BP explained that in 2022 the board sought assurances regarding disclosure of Looney's past personal relationships with company colleagues and his future behaviour.
Looney gave these assurances to the board in July 2022, but in his September resignation informed the company that he had not been fully transparent in those assurances.
BP said it had concluded that Looney, by providing inaccurate and incomplete assurances in July 2022, had knowingly misled the board.
"The board has determined that this amounts to serious misconduct, and as such Mr Looney has been dismissed without notice effective on December 13," the firm said.
BP said share awards will lapse in full, and the deferred annual bonus share award will also lapse in full.
Shares in BP fell 0.3% to 459.76 pence in London on Wednesday.
By Jeremy Cutler, Alliance News reporter
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