BP pulls back $40 million in pay from former CEO Bernard Looney

BP said it will pull back up to 32.4 million pounds ($40.59 million) in remuneration from former CEO Bernard Looney after the British oil giant concluded he “knowingly misled” the board regarding personal relationships with colleagues.

The company dismissed him without notice effective Dec. 13 and said on Wednesday Looney will not receive further salary or benefits from the dismissal date, and nor will he be paid an annual bonus for fiscal 2023.

Irishman Looney resigned in September with immediate effect after less than four years in the role for failing to fully disclose details of past personal 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 on Wednesday.

Chief Financial Officer Murray Auchincloss has been acting as interim CEO while the oil firm conducted a probe into accusations on Looney and a search for Looney’s successor.