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...The total includes almost £1mn that Looney will have to pay back to the company. BP and Looney declined to comment....
...Looney declined to comment for this story....
...Looney decided to step down shortly after, the people said....
...Looney joined BP in 1991 aged 21 and has spent his entire career at the company....
...Looney quit BP on Tuesday after admitting he had failed to disclose the extent of past relationships with staff....
...In December, the company concluded that Looney had knowingly misled the board and sacked him without notice....
...Since 2007, John Browne, Tony Hayward and Bernard Looney have all suffered defenestration. Looney left three months ago....
...This decision had the effect of bringing Mr Looney’s 12-month notice period to an immediate end.” Read more on BP and Looney here...
...He served as chief financial officer from July 2020 to September 2023, when he was named to take over from Looney on an interim basis....
...Looney was awarded 5.4mn shares under three plans. BP values these at about £25mn. However, it admitted it did not pro-rate for the date of Looney’s resignation....
...Its decision to fire Looney three months after his resignation has “the effect of bringing Mr Looney’s 12-month notice period to an immediate end”, it said....
...In 2022, prior to the clawbacks, Looney’s total pay packet had been worth a little over £10mn....
...In Brooke Masters’ thoughtful column on Bernard Looney, the BP chief executive forced to quit after admitting he had failed to fully disclose his past relationships with work colleagues (“Sex, lies and magical...
...Looney, 53, joined BP in 1991 aged 21 and has spent his entire career at the company....
...The allegations that prompted Bernard Looney’s resignation from BP included an accusation that the chief executive promoted women with whom he had undisclosed past relationships, according to people familiar...
...Prior to Looney’s sudden departure, there had been signs of progress....
...The blot of having overseen the appointment of Looney fewer than four years ago may count against him....
...But Looney is not the first CEO to try the route of limited disclosure....
...Many employees viewed Auchincloss and Looney as a highly effective team. The board has been at pains to reassure staff that Auchincloss was not involved in its decision on Looney’s pay....
...BP conducted an internal and external search for Looney’s replacement and has once again decided to promote someone from within the business....
...The oil major needs another long-serving boss, similar to Looney’s predecessor Bob Dudley, to ensure its transition stays on track....
...To help cut BP’s emissions, Looney initially pledged to reduce oil and gas output by 40 per cent by 2030 but pared that back to a 25 per cent cut in February last year....
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