All posts tagged: Looney

BP to deny Bernard Looney £32m in pay and shares after dismissal as CEO | BP

BP has dismissed its chief executive Bernard Looney with immediate effect and clawed back more than £32m of his pay and share awards including half of the cash bonus paid to him in 2022. Looney stepped down from his post in September after admitting he had failed to fully disclose a series of personal relationships with his colleagues to the board. After an investigation by the board and its advisers, the oil company has concluded Looney knowingly misled his fellow directors last year when they sought assurances regarding his disclosure of past relationships and his future behaviour. BP said that after careful consideration it believed this amounted to “serious misconduct” and had dismissed the executive without notice. Looney will receive no further salary, pension allowance or other benefits from the date of his dismissal and he will not be paid any annual bonus in respect of the financial year 2023, according to a company announcement. Looney will also be required to repay 50% of the cash portion of his annual bonus for the 2022 financial …

UK economy contracts 0.5% in July amid strikes and bad weather; BP boss Looney quits – business live | Business

Introduction: UK economy contracts 0.5% in July; BP boss Looney quits Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. The UK economy shrank by 0.5% in July, with all the main sectors declining, partly due to strikes and poor weather. This came after 0.5% growth in June, the Office for National Statistics said, and was worse than expected. Economists polled by Reuters had forecast a smaller contraction of 0.2%. The services and construction sectors both declined by 0.5% while production fell 0.7%. Darren Morgan, director of economic statistics at the ONS, explained: In July, industrial action by healthcare workers and teachers negatively impacted services and it was a weaker month for construction and retail due to the poor weather. Manufacturing also fell back following its rebound from the effect of May’s extra Bank Holiday. A busy schedule of sporting events and increased theme park visits provided a slight boost. In the three months to July, the economy eked out growth of 0.2%, with all three main …