{"id":54869,"date":"2023-12-13T18:13:25","date_gmt":"2023-12-13T18:13:25","guid":{"rendered":"https:\/\/prosfunds.com\/business\/bps-former-ceo-is-forfeiting-40-million-in-severance-for-misleading-company-board\/"},"modified":"2023-12-13T18:13:26","modified_gmt":"2023-12-13T18:13:26","slug":"bps-former-ceo-is-forfeiting-40-million-in-severance-for-misleading-company-board","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=54869","title":{"rendered":"BP\u2019s former CEO is forfeiting $40 million in severance for misleading company board"},"content":{"rendered":"
\n

\n Former BP CEO Bernard Looney is forfeiting about $40 million in severance because the company\u2019s board determined he engaged in \u201cserious misconduct\u201d for not fully disclosing his relationships with employees that led to his dismissal.\n <\/p>\n

\n \u201cFollowing careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board,\u201d BP said in a release Wednesday.<\/strong>\n <\/p>\n

\n \u201cThe board has determined that this amounts to serious misconduct, and as such Mr. Looney has been dismissed without notice,\u201d effective <\/strong>on December 13, the statement said.\n <\/p>\n

\n Looney resigned in September after admitting that he had not been \u201cfully transparent\u201d about \u201chistorical relationships with colleagues.\u201d\n <\/p>\n

\n In May 2022, BP\u2019s \u201cboard received and reviewed allegations, with the support of external legal counsel, relating to Mr. Looney\u2019s conduct in respect of personal relationships with company colleagues,\u201d the company said in September with the information coming from an anonymous source, according to the statement.\n <\/p>\n

\n During that review, Looney disclosed \u201ca small number of historical relationships with colleagues prior to becoming CEO,\u201d but no breach of the company\u2019s code of conduct was found.\n <\/p>\n

\n BP says that Looney will receive no further salary, pension allowance or benefits, and he <\/strong>also <\/strong>won\u2019t get his 2023 annual bonus and <\/strong>has to repay half of the cash portion of his 2022 annual bonus.\n <\/p>\n

\n Looney, 53, served just under four years at the helm of BP (BP) but began work at the London-based oil and gas company in 1991 at the age of 21. He <\/strong>spent the entirety of his career with BP, received a promotion to chief executive officer in July 2020 and <\/strong>oversaw efforts to transition the firm into an integrated energy company with a focus on reducing emissions.\n <\/p>\n

\n Murray Auchincloss, the company\u2019s CFO, remains as BP\u2019s CEO on an interim basis.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former BP CEO Bernard Looney is forfeiting about $40 million in severance because the company\u2019s board determined he engaged in \u201cserious misconduct\u201d for not fully disclosing his relationships with employees that led to his dismissal. \u201cFollowing careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly […]<\/p>\n","protected":false},"author":1,"featured_media":54870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-54869","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nBP\u2019s former CEO is forfeiting $40 million in severance for misleading company board | Prosfunds<\/title>\n<meta name=\"description\" content=\"Former BP CEO Bernard Looney is forfeiting about $40 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