Bernard Looney, who led BP as chairman until his departure, will forfeit payments totaling about £32.4 million, roughly $40.6 million at current exchange rates, following his resignation after disputes over his conduct. The news outlet Bloomberg reported the development in detail.
Company officials said Looney intentionally misled the BP board, a charge that the publication described as reflecting a serious breach of trust. In consequence, he will not receive a salary, pension, or bonus for the 2023 fiscal year, and £32.4 million of potential earnings linked to that year were canceled immediately after his resignation was announced.
Additional actions included BP clawing back half of the cash portion of Looney’s 2022 bonus and reclaiming some of the shares that were transferred to him, totaling around £1 million (approximately $1.3 million). These measures underscore BP’s intent to enforce accountability and align executive rewards with sustained performance and ethical standards.
Looney had led BP since 2020, but stepped down in September 2023 amid disclosures about past personal relationships with colleagues. The resignation marked a turning point for the company as it navigated leadership change during a period of broader energy market volatility.
Under Looney’s tenure, BP publicly prioritized a faster shift toward low-carbon energy and technology development, including plans to reduce oil production and accelerate electric vehicle innovation. Bloomberg noted that since his appointment, BP’s stock performance appeared less favored relative to some peers, a trend influenced in part by the European energy crisis and broader market dynamics rather than a single factor alone.
Meanwhile, in another unrelated development, reports surfaced about a former senior government official in Japan resigning amid financial scandal, highlighting how leadership scrutiny and ethical questions can affect public trust and organizational stability across sectors. (Bloomberg)