Bernard Looney, the former chairman of British oil and gas company BP, will forfeit payments worth £32.4 million (about $40.6 million at current exchange rates) following his resignation for lying to the board. This was reported by Bloomberg.
As the company explained to reporters, Looney “intentionally misled the board.” The publication stated that their negligence was considered a serious crime.
Therefore, Looney will not receive a salary, pension or bonus for fiscal year 2023. Additionally, £32.4 million of potential salary was automatically canceled immediately following the former manager’s resignation.
It was also known that BP would withdraw 50% of the cash part of the bonus paid to Looney in 2022 and some of the shares transferred to him, for a total of approximately £ 1 million (more). $1.3 million).
Bernard Looney had been head of oil and gas company BP since 2020, but in September 2023 resignation due to hiding their past personal relationships with their colleagues.
During his leadership at BP, Looney actively supported a faster transition to low-carbon energy. This was also reflected in plans to reduce oil production and develop technology in the field of electric vehicles. As Bloomberg notes, since Looney’s appointment as CEO, BP shares have become less attractive compared to rival companies; This is partly due to the energy crisis in Europe.
Former General Secretary of the Government of Japan resignation Because of the financial scandal.