Tag

Remuneration

All articles tagged with #remuneration

business2 years ago•2 min saved

"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•1 min saved

"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•2 min saved

Former BP CEO Looney forfeits $40 million pay due to misleading board

BP has reduced former CEO Bernard Looney's remuneration by over $40 million after concluding that he knowingly misled the board regarding personal relationships with colleagues. Looney, who resigned in September, will not receive further salary, benefits, or an annual bonus for fiscal 2023. The majority of the reduction in his remuneration package is linked to the loss of unvested share awards. Looney will also be required to repay 50% of his 2022 cash bonus. BP's board is still investigating Looney's undisclosed relationships to determine if they breached company rules, and a permanent CEO has yet to be appointed.

via Yahoo Finance|

#bp #business #ceo