Oil giant BP’s former CEO Bernard Looney is reportedly leaving $40 million in severance on the table after failing to disclose his engagement in “serious misconduct.”
Looney previously resigned from his post at the top of BP in September following allegations he’d insufficiently disclosed his “historical relationships with colleagues.”
“Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board,” BP said in a statement Wednesday.
“The board has determined that this amounts to serious misconduct, and as such Mr. Looney has been dismissed without notice,” concluded the company.
