BP PLC Reclaims £1.8 Million from Former CEO’s Pay Package
BP Plc has made headlines recently after reclaiming £1.8 million from the pay package of its former CEO, Bernard Looney. The decision was made following Looney’s dismissal in December 2023 for undisclosed relationships with employees.
According to a report from Reuters, Looney’s total remuneration for the year was £1.175 million, with bonuses and share awards worth £3 million being revoked by the company. This move signifies BP’s commitment to upholding ethical standards and ensuring accountability at the executive level.
In the wake of Looney’s departure, Murray Auchincloss, who was previously overseeing finances under Looney, assumed the role of interim CEO in September. He was later appointed as the permanent CEO in January, taking over the reins amid corporate reshuffling within the company.
Auchincloss, who earned a total of £8 million last year, has been tasked with leading BP through a period of transition and strategic growth. The company has been making significant moves to realign its business operations and focus on sustainability and long-term value creation.
In a recent announcement, BP revealed its plans to buy back $3.5 billion of shares in the first half of 2024 and repurchase at least $14 billion through 2025. This initiative aims to return value to shareholders and demonstrate the company’s commitment to financial discipline and capital allocation.
As of the last check on Friday, BP shares were trading higher by 0.52% at $36.62, reflecting investor confidence in the company’s leadership and strategic direction.
It is important to note that this article was partially produced with the help of AI tools and was reviewed and published by Benzinga editors to ensure accuracy and quality of information.
In conclusion, BP’s decision to reclaim £1.8 million from its former CEO’s pay package underscores the company’s commitment to accountability and ethical conduct. With Auchincloss at the helm, BP is poised to navigate challenges and capitalize on opportunities in the evolving energy landscape.
