BP Sacks Former CEO For 'serious Misconduct'

BP on Wednesday denied its former chief executive of more than £32-million ($40-million) payout because of his failure to disclose past personal relationships with colleagues.

Bernard Looney resigned unexpectedly as the head of the British energy major in September after admitting he had not been "fully transparent" about the issue.

The company said in a statement that it had sought assurances from the 53-year-old Irishman in July 2022 but now concluded they were "inaccurate and incomplete".

In doing so, "Mr Looney knowingly misled the board", it added. "The board has determined that this amounts to serious misconduct," the statement read.

"As such, Mr Looney has been dismissed without notice" with immediate effect, ending his 12-month notice period.

He will now forfeit £32,426,000 in future salary, pension, bonus payments and shares. He will also have to repay 50 percent of the cash part of his bonus for the 2022 financial year.

Looney's tenure from February 2020 saw him steer BP through a tumultuous period that notably included huge swings in energy prices caused by the Covid pandemic and Russia's invasion of Ukraine.

He also came under fierce criticism from environmentalists, who accused BP and rivals of not going far enough in transitioning away from fossil fuels.

He is not the first head of a major global company to resign or be ousted over relationships with employees.

Steve Easterbrook was ousted as chief executive of McDonald's in 2019 for having a "consensual relationship" with an employee, in violation of company policy.

A year earlier, Brian Krzanich stepped down as chief executive of US computer chip giant Intel over a "past consensual relationship" with an employee in violation of the company's non-fraternisation policy.

Source: AFP