BP Reclaims £1.8M From Dismissed CEO's Pay Package

Zinger Key Points
  • BP claws back £1.8 million from ex-CEO's pay after dismissal.
  • Murray Auchincloss recently took over as permanent CEO amid financial performance challenges.

BP Plc BP has reclaimed £1.8 million from the pay package of its former CEO Bernard Looney, following his dismissal in December 2023 for undisclosed relationships with employees.

Looney’s total remuneration for the year was £1.175 million, with bonuses and share awards worth £3 million revoked, according to a report from Reuters.

Murray Auchincloss, formerly overseeing finances under Looney, assumed the interim CEO role in September and was appointed permanent CEO in January.

RelatedBP’s CEO Search Success: Interim CEO Takes The Helm Permanently

Auchincloss earned a total of £8 million last year, succeeding Looney amid corporate reshuffling.

Recently, BP said it expects to buy back $3.5 billion of shares in the first half of 2024 and repurchase at least $14 billion through 2025.

Price Action: BP shares are trading higher by 0.52% at $36.62 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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