BP CEO Sees Pay Cut 30% After Profit Miss, Elliott Intervention

BP Plc Chief Executive Officer Murray Auchincloss’ total compensation dropped to £5.36 million ($6.91 million) in 2024, about 30% less than the previous year, after the energy giant’s profits disappointed.

The London-based company’s 2024 earnings results reported in February showed a steep drop in profits compared with the previous year. That set the stage for a subsequent strategic switch back to oil and gas after years of shifting away from fossil fuels, as it strives to catch up with rivals such as Shell Plc which were quicker to pivot back to core businesses.

Murray Auchincloss

Photographer: Ryan Lim/AFP/Getty Images

While Auchincloss saw his base ...