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Bernard Looney

All articles tagged with #bernard looney

business2 years ago

BP's Former CEO Loses $40 Million Severance for Misleading Board and Inappropriate Relationships

Former BP CEO Bernard Looney will not receive a £32.4m salary and bonuses package after being dismissed for "serious misconduct." The company concluded that Looney knowingly misled the board by providing inaccurate and incomplete assurances. In addition to forfeiting the £32.4m, Looney will have to pay back around £1m to the company. Looney resigned in September after failing to fully disclose his relationships with colleagues. The company's code of conduct does not prohibit personal relationships but warns about potential conflicts of interest. Looney had been leading BP's efforts to transition to renewable and low-carbon power and navigate challenges such as the Covid-19 pandemic and Russia's invasion of Ukraine.

via OilPrice.com|
#bernard-looney#bp#business
business2 years ago

"BP Recovers $40 Million from Ex-CEO Looney Amid Controversy"

BP has clawed back over $40 million in remuneration from former CEO Bernard Looney after concluding that he knowingly misled the board regarding personal relationships with colleagues. Looney was dismissed without notice for serious misconduct, and his remuneration package was cut by £32.4 million ($40.53 million). The majority of the value was linked to lost unvested share awards, and Looney will also be required to repay 50% of his 2022 cash bonus. BP's board is currently investigating Looney's undisclosed relationships to determine if they breached company rules.

via Reuters|
#bernard-looney#bp#business
business2 years ago

BP's Former CEO Loses $40 Million Severance Amidst Misconduct Allegations

BP has taken a tough stance against its former CEO, Bernard Looney, accusing him of "knowingly misleading the board" about his personal relationships with colleagues. As a result, the company has decided to reduce Looney's termination settlement and claw back earlier payments, potentially totaling £32.4 million ($40 million). BP has dismissed Looney for "serious misconduct," despite his previous resignation, effectively ending his 12-month notice period. Looney will lose various salary, pension, and bonus awards, and will be required to pay back an estimated £1 million from 2022. BP has not yet announced a replacement for Looney, leaving the company in an uncertain leadership situation during a time of volatile oil prices and the transition to cleaner energy.

via The New York Times|
#bernard-looney#bp#business
business2 years ago

Former BP CEO Loses £32m Severance Over 'Serious Misconduct'

Former BP CEO Bernard Looney will lose up to £32.4m in compensation after the company found he committed "serious misconduct" by failing to disclose relationships with colleagues. Looney, who resigned in September, will be dismissed without notice and will not receive further salary or benefits. The board stated that they had been "knowingly misled" by Looney, and he will forfeit his annual bonus, share awards, and other payments. The investigation into Looney's relationships was prompted by anonymous tip-offs, and the board found that he had given inaccurate and incomplete assurances. Looney expressed disappointment with the handling of the situation.

via BBC.com|
#bernard-looney#bp#business
business2 years ago

"BP's Former CEO Loses $40 Million in Pay Amid Scandal and Misconduct Allegations"

BP will claw back up to £32.4 million ($40.59 million) in pay from former CEO Bernard Looney after determining that he "knowingly misled" the board about personal relationships with colleagues. Looney, who resigned in September, will not receive further salary, benefits, or an annual bonus for fiscal 2023. BP's board concluded that Looney provided inaccurate and incomplete assurances in July 2022. The company's Chief Financial Officer, Murray Auchincloss, has been serving as interim CEO during the investigation and search for Looney's successor.

via CNBC|
#bernard-looney#bp#business
business2 years ago

"Former BP CEO Bob Dudley Speaks Out on Looney's Unexpected Departure"

Former BP CEO Bob Dudley expressed surprise at the abrupt resignation of Bernard Looney, his successor, and denied any prior knowledge of Looney's undisclosed relationships with colleagues. Dudley believes that BP will find a suitable replacement and that Looney's departure will not significantly impact the company's strategy. Looney resigned after admitting to not being fully transparent about his past relationships with colleagues. While questions have been raised about BP's outlook, current and former executives maintain that the company's medium and long-term strategy remains unchanged.

via CNBC|
#bernard-looney#bob-dudley#bp