BP’s Former CEO Forfeits £32 Million Pay on Misleading Board (3)

BP Plc’s former Chief Executive Officer Bernard Looney will forfeit as much as £32.4 million ($40.6 million) in pay after resigning in September because he lied about his personal relationships with other employees.

“Mr Looney knowingly misled the board,” the company said in a statement on Wednesday. “The board has determined that this amounts to serious misconduct.”

Bernard Looney

Photographer: Prakash Singh/Bloomberg

The 53 year-old Irishman stepped down on Sept. 12 over his failure to fully disclose past relationships with colleagues. He was replaced on an interim basis by Chief Financial Officer Murray Auchincloss, who has been recused from all decision-making related ...