CEO misled board

Looney forfeits £32m over ‘serious misconduct’

Bernard Looney
Bernard Looney: admitted relationships

Former BP boss Bernard Looney, who left the company over ‘serious misconduct’ with colleagues, will lose out on £32.4m in pay and bonuses following a review by the energy company.

He resigned in September after admitting he had not been fully transparent about past personal relationships.

The former CEO, 53, had given “inaccurate and incomplete assurances” as part of an investigation last year and had “knowingly misled” the board.

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

BP launched a review into his behaviour following an anonymous tip-off in 2022. At the time, the company said Mr Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO” but it found no breach of company conduct.

But in September the board said it had received similar allegations “recently”, prompting another review.

His sudden exit brings an ignominious end to his career at the company, 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. He was head of oil and gas production before taking over as chief executive Bob Dudley in 2020.

He drew criticism from environmental groups for reining back on his own target to cut emissions.

He was briefly married in 2017 to Jacqueline Hurst, a life coach, separating the following year and divorcing in 2019.

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. He is also in a relationship with a member of BP staff that he and BP say was fully disclosed in line with company policies. 

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