BP said its former chief executive Bernard Looney will forfeit up to £32.4mn over “serious misconduct” related to failing to disclose past relationships with colleagues.
“Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr Looney knowingly misled the board,” BP said in a statement.
“The board has determined that this amounts to serious misconduct, and as such Mr Looney has been dismissed without notice effective on 13 December 2023. This decision had the effect of bringing Mr Looney’s 12 month notice period to an immediate end.”
BP said the total maximum value of £32.4mn Looney will forfeit primarily consisted of unvested share awards and almost £1mn that Looney will have to pay back to the company under a “discretionary clawback”.
A spokesperson for Looney did not immediately respond to a request for a comment.
This is a developing story