BP Claws Back a Further $2.3 Million From Ex-CEO Looney

By Christian Moess Laursen

BP clawed back a further 1.8 million pounds ($2.3 million) from ex-boss Bernard Looney's remuneration package following his formal dismissal in December, the company said in its annual report.

The British energy giant said Friday that Looney's remuneration for 2023 was GBP1.18 million, before the cancellation of his annual bonus and share awards, which totaled GBP3.0 million. Current Chief Executive Murray Auchincloss received GBP8.0 million in remuneration for 2023. For 2022, Looney received GBP10.3 million.

Last December, BP docked the former CEO of $40.6 million over what it called serious misconduct, saying that he failed to disclose past relationships with colleagues.

Looney told the company in September that he hadn't been fully transparent with the board.

Write to Christian Moess Laursen at [e-mail]

(END) Dow Jones Newswires

03-08-24 0556ET