BP claws back $2.3 million from former
CEO Looney's 2023 pay
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[March 08, 2024]
By Ron Bousso
LONDON (Reuters) -BP clawed back 1.8 million pounds ($2.3 million) from
former CEO Bernard Looney's 2023 pay package following his dismissal on
Dec. 13 for failing to disclose past relationships with employees, the
company said in its annual report.
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![](../images/030824PIX/busine60.jpg)
Bernard Looney, BP Chief Executive, speaks during a session at Egypt's
5th Petroleum Show "EGYPS 2022" in the capital city of Cairo, Egypt,
February 14, 2022. REUTERS/Amr Abdallah Dalsh |
Looney's remuneration totaled 1.175 million pounds last year,
but he lost bonuses and share awards totaling 3 million pounds
which were cancelled, BP said.
BP announced last December that it had cut over $40 million in
remuneration from the former CEO after the British oil giant
concluded he had knowingly misled the board over personal
relationships with colleagues.
Looney's total remuneration reached 10.3 million pounds in 2022.
Murray Auchincloss, who headed BP's finances under Looney and
was named interim CEO after Looney's abrupt departure in
September, made a total of 8 million pounds last year.
Auchincloss became permanent CEO in January.
BP reported a net profit of $13.8 billion last year, halving
from the previous year as energy prices cooled. The company also
returned to shareholders $12.7 billion in dividend and share
repurchases in 2023.
BP's shares have however underperformed rivals amid investor
concerns over its strategy and the leadership upheaval.
Auchincloss told Reuters last month that BP remains committed to
its strategy to reduce oil production by 25% from 2019 levels by
2030 to 2 million barrels per day while growing its renewables
and low-carbon businesses by the end of the decade.
($1 = 0.7799 pounds)
(Reporting by Ron BoussoEditing by Mark Potter, Tomasz Janowski
and Susan Fenton)
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