BP’s Former CEO Forfeits £32 Million Pay on Misleading Board
- Looney resigned after not fully disclosing relationships
- About 3% of forfeited pay will be through claw-backs
Bernard Looney
Photographer: F. Carter Smith/BloombergThis article is for subscribers only.
BP Plc’s former Chief Executive Officer Bernard Looney will forfeit as much as £32.4 million ($40.6 million) in pay after resigning in September because he lied about his personal relationships with other employees.
“Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious misconduct.”