Bernardo Looney, who resigned as CEO of BP in September, is paying a high price for not disclosing his past personal relationships with his colleagues.
On Wednesday, BP, the London-based oil giant, said it would take a series of steps aimed not only at reducing Looney's termination deal but also at recouping some earlier payments, which together could total £32.4 million. , or about 40 dollars. million.
in a unusual press releaseThe company said that “after careful consideration,” it had concluded that Looney “knowingly misled the board” when asked in July 2022 about his personal relationships with company employees.
As a result, the board said, it fired Looney on Wednesday for “serious misconduct,” even though he had already resigned. The move, in effect, ended the 12-month notice period during which he was entitled to receive his salary.
As a result of the layoff and other actions, the company said, Looney will lose several salaries, pensions and bonuses. He will also be required to repay approximately £1 million from 2022. BP estimates Looney could lose up to £32.4 million.
BP has not announced a replacement for Looney, leaving a leadership situation uncertain at a time when the oil industry is trying to navigate volatile oil prices and the shift to cleaner energy. Murray Auchincloss, Chief Financial Officer, is serving as interim CEO.
Looney could not immediately be reached for comment.
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