Bernard Looney is 'proud' of his record at BP despite forfeiting £32m pay

BP's non-executive directors voted unanimously on Wednesday to sack Mr Looney and cut his 12-month notice period. Photo: Jason Alden/Bloomberg

Bernard Looney said he was proud of his work at BP, just a day after the oil giant's board said he would lose £32 million for “serious misconduct”.

< p>In the former CEO's first statement since his abrupt resignation in September, Looney said he was “disappointed” in the way his departure was handled.

The announcement follows a BP board meeting on Wednesday in which the company's 11 non-executive directors voted unanimously to sack Looney and cut his 12-month notice period after he was found to have knowingly misled the company about his personal relationships. with staff.

This means he will lose his entitlement to pay and benefits up to a maximum of £32.4 million, including his salary, pension contributions and performance-related bonuses.

In a memo sent to staff on Wednesday, BP denied it was “unduly harsh” in its decision to strip Mr Looney of his pay, believed to be one of the largest sums ever received by a British company from a former boss following misconduct.

The memo, seen by the Financial Times, included eight questions and answers, one of which asked: “Was the board unduly harsh in its treatment of Bernard?”

In a response to the memo, BP said the “vast majority” of the salary withholdings “resulted from his own decision to resign with immediate effect.”

BP said 87% of Mr. Looney's salary was confiscated. following his immediate resignation, with 10% related to the board's decision to fire him after the charges were filed. The board said a further 3% of shares were returned at its discretion.

Mr Looney said: “I am proud of what I and my colleagues have achieved during my time as chief executive of BP. It has been a great honor to work for a great company for over 32 years, not least because of the wonderful people I have had the opportunity to work with.

“I am disappointed in how this situation has turned out. has been processed. And as I look to the future, I just want to wish everyone at BP all the best. They deserve nothing less.”

A BP spokesman said Murray Auchincloss, interim chief executive and longtime colleague of Mr. Looney, was not involved in Wednesday's decision. The company has yet to find a permanent replacement for Mr. Looney.