Ex-BP CEO Looney Takes £1.8 Million Hit in 2023 Compensation (2)

Former BP Plc Chief Executive Bernard Looney took a £1.8 million hit to his total compensation in 2023, following his unexpected resignation last year.

The London-based oil and gas giant applied penalties to his variable pay as a result of his failure to disclose relationships with colleagues to BP’s board, according to its annual report.

“The board concluded that Bernard Looney’s actions amounted to serious misconduct and he was dismissed without notice” on Dec. 13, the company said its report. Looney initially stepped down abruptly in September, when the issue first became public.

Bernard Looney

Photographer: Jason Alden/Bloomberg

BP said in December ...