BP claws back $2.3 million from former CEO Looney’s 2023 pay

By Thomson Reuters Mar 8, 2024 | 3:45 AM

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.

Looney’s remuneration reached 1.175 million pounds last year, but after cancelling previous bonuses and share awards totalling 3 million pounds, his net pay package was a negative 1.8 million pounds, BP said.

BP announced last December that it 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.

($1 = 0.7799 pounds)

(Reporting by Ron Bousso; Editing by Mark Potter and Tomasz Janowski)