Ex-BP boss to lose £32m after ‘serious misconduct’on December 13, 2023 at 5:53 pm

Former BP boss Bernard Looney will forfeit up to £32.4m after the oil giant found he committed “serious misconduct” over disclosing relationships with colleagues.

Mr Looney is to be dismissed without notice and will not receive further salary or benefits, the oil giant said.

He resigned in September after admitting not being “fully transparent” about his past personal relationships.

The board said they had been “knowingly misled” by Mr Looney.

On Wednesday the firm said Mr Looney had given “inaccurate and incomplete assurances” as part of an investigation into the relationships in 2022.

His dismissal means he will get no further salary, pension allowance or benefits, no annual bonus, and lose out on nearly £25m in share awards.

Mr Looney had spent his career at BP, which he joined in 1991 as a drilling engineer.

Born in Ireland and raised on a farm, he became a member of its executive team in 2010.

Before taking over as chief executive from Bob Dudley, he was previously head of oil and gas production.

Mr Looney presented himself as more approachable, posting pictures of smiling employees on Instagram when he took over in 2020.

He initially set out a plan to sharply cut net carbon emissions by 2050, but was later criticised by environmental groups for watering down the target.

His time as boss coincided with a tumultuous period for the company, including coronavirus pandemic lockdowns when demand for oil and gas fell sharply.

Months into his role as chief executive he also told staff that BP planned to cut 10,000 jobs due to the pandemic.

In 2022, the start of the war in Ukraine sent energy prices soaring, and prompted the firm to leave Russia after pressure from the UK government.

Chief financial officer Murray Auchincloss has been acting as interim chief executive while the oil firm investigated allegations about Mr Looney, and searched for his successor.

Mr Looney was approached for comment.