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BP will withdraw £32,4m in remuneration from former CEO Looney following investigation into inaccurate communications and personal relationships.
BP announced the withdrawal of up to £32,4 million ($40,59 million) in remuneration from former CEO Bernard Looney, after the oil giant UK concluded that he 'knowingly misled' the board regarding personal relationships with colleagues.
The company decided to fire the former president without notice as of December 13, stating that Looney will no longer receive salary or benefits from the date of dismissal, nor will he receive an annual bonus for the 2023 fiscal year.
Irishman Looney resigned in September with immediate effect, after less than four years in the role, for failing to fully disclose details of previous personal relationships with colleagues.
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Former CEO of oil giant BP accused of providing inaccurate and incomplete information
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board," BP said in a statement on Wednesday. O CFO Murray Auchincloss has served as interim CEO while the oil company conducted a investigation about the Looney accusations and a search for successor from Looney.
($1 = 0,7983 pounds)
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP executive director subject of investigation
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board," BP said in a statement on Wednesday. Chief Financial Officer Murray Auchincloss has been serving as interim CEO while the oil company conducted an investigation into the Looney allegations and a search for Looney's successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP chairman faces accusations of deceiving board
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board," BP said in a statement on Wednesday. Chief Financial Officer Murray Auchincloss has been serving as interim CEO while the oil company conducted an investigation into the Looney allegations and a search for Looney's successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP CEO accused of providing misleading information
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board," BP said in a statement on Wednesday. Chief Financial Officer Murray Auchincloss has been serving as interim CEO while the oil company conducted an investigation into the Looney allegations and a search for Looney's successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
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