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BP Will Withdraw £32.4 Million in Compensation from Ex-CEO Looney Following Investigation into Inaccurate Communication and Personal Relationships.
BP announced the withdrawal of up to £32.4 million (US$ 40.59 million) in compensation from former CEO Bernard Looney, after the British oil giant concluded that he ‘knowingly deceived’ the board regarding personal relationships with colleagues.
The company decided to terminate the former chairman without notice as of December 13, stating that Looney will not receive any more salaries or benefits from the date of dismissal, nor will he receive an annual bonus for the fiscal year 2023.
Irish Looney resigned in September effective immediately, after less than four years in the role, for not fully disclosing prior personal relationship details with colleagues.
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Ex-CEO of the BP Oil Giant 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 deceived the board ‘, BP said in a statement on Wednesday. The Chief Financial Officer Murray Auchincloss has been serving as interim CEO while the oil company conducted an investigation into the accusations against Looney and a search for Looney’s successor.
($1 = £0.7983)
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP CEO Under Investigation
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly deceived 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 accusations against Looney and a search for Looney’s successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP President Faces Accusations of Deceiving the Board
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly deceived 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 accusations against Looney and a search for Looney’s successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Former BP Director Accused of Providing Misleading Information
After careful consideration, the board concluded that by providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly deceived 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 accusations against Looney and a search for Looney’s successor.
(Reuters – Reporting by Prerna Bedi and Pushkala Aripaka; Editing by Devika Syamnath)
Source: AtCoMedia. Inc
