Scandalous Revelations
Bernard Looney, the former boss of BP, is set to lose over £32 million in pay following revelations of his multiple affairs with staff members. Looney was dismissed in September after it was discovered that he had deceived the oil giant about the nature and extent of his flings.
A Shocking Betrayal
An investigation conducted by the company last year initially uncovered Mr. Looney's relationships with colleagues. However, a whistle-blower came forward to inform the board that there was more to the story. It was revealed that Mr. Looney had not confessed to all of his affairs, leading BP to conclude that he had "knowingly misled the board," a serious breach of conduct.
Paying the Price
As a result of his misconduct, BP has terminated Mr. Looney's 12-month statutory notice period and is seeking to recover his pay, pensions, bonuses, and future awards. He will be required to return nearly £1 million, which is half of the cash bonus he received when BP reported significant profits based on high energy prices earlier this year. Additionally, Mr. Looney will have to relinquish share awards valued at up to £32.4 million.
A Career at BP
Bernard Looney, now 53 years old, spent his entire career at BP, joining the company as a drill engineer at the age of 21. He worked his way up the ranks before assuming the role of chief executive in 2020. Friends of Mr. Looney have cited his workaholic nature and his three-decade tenure at BP as contributing factors to his involvement in workplace relationships.
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