Former BP Chief Faces Loss of £32 Million Due to 'Serious Misconduct'

Former BP CEO Bernard Looney is to forfeit £32.4 million and is being dismissed without severance following findings of ‘serious misconduct’ due to nondisclosure of internal relationships. Looney, who resigned last September for not being "fully transparent" about these relationships, misled the board, which led to the termination of his remaining salary, pension, benefits, annual bonus, and nearly £25 million in shares.

An investigation began in 2022 based on an anonymous tip, although at the time, the company found no conduct breach. Subsequent allegations later that year led to another review. Looney, with BP since 1991 and CEO since 2020, was known for his early commitment to reducing carbon emissions and navigating the company through economic challenges like the pandemic and the Ukraine war. Amid recent scrutiny of executive conduct in the UK, such as the CBI's Tony Danker and hedge fund manager Crispin Odey, BP's interim CEO, Murray Auchincloss maintains that company strategy remains unchanged. Looney has not commented on the matter.