(qlmbusinessnews.com Thurs, 14th Dec, 2023) London, UK —
“Fall from Grace: Ex-BP Chief Bernard Looney to Forfeit £32.4m Amidst Scandal”
In a shocking turn of events, former BP CEO Bernard Looney is set to lose up to £32.4m after being found guilty of “serious misconduct” for not disclosing relationships with colleagues during his tenure. The oil giant announced Looney's immediate dismissal without notice, stripping him of any further salary, benefits, annual bonuses, and pension allowances.
Looney had resigned in September, acknowledging his failure to be “fully transparent” about past personal relationships. The BP board expressed that they had been “knowingly misled” by the former CEO. A subsequent investigation in 2022 revealed Looney's “inaccurate and incomplete assurances” regarding the undisclosed relationships.
The dismissal entails a financial hit for Looney, including the forfeiture of nearly £25m in share awards, as his long-term performance share awards lapsed with his resignation. The board also decided to halt other payments and bonuses linked to his executive position.
BP initiated a review of Looney's relationships with colleagues in 2022 following an anonymous tip-off. Despite disclosing some “historical relationships” at the time, subsequent allegations triggered another investigation. The board's findings resulted in Looney's severe financial repercussions.
Bernard Looney, who joined BP in 1991 as a drilling engineer, ascended through the ranks to become a member of the executive team in 2010. His tenure as CEO faced challenges, including the pandemic-induced downturn in oil and gas demand, substantial job cuts, and BP's exit from Russia amid the conflict in Ukraine.
Looney's departure adds to a recent trend of high-profile executive dismissals in the UK, drawing attention to issues of personal behaviour among top corporate leaders. BP's Chief Financial Officer, Murray Auchincloss, has been serving as the interim CEO during the investigation, emphasizing that the company's strategy remains unchanged despite the leadership transition.
This development underscores the increasing scrutiny on executive conduct and accountability within major corporations, with repercussions extending beyond the financial realm.
For more updates on corporate developments and executive leadership, stay tuned.
#BP #CorporateNews #ExecutiveDismissal #CorporateGovernance #BusinessEthics
This News Story is brought to you by QLM Business News, your Digital Media Channel
Visit QLM businessnews.com
For more business news stories also follow us on Facebook, X and Youtube.
To Help qlm business news bring you more new stories like this, please like, share and subscribe.
Disclaimer: All images presented herein are intended solely for illustrative purposes and may not accurately depict the true likeness of the subjects, objects, or individuals referenced in the accompanying news stories.
