BP PLC (LSE:BP.) has said former chief executive Bernard Looney has been dismissed without notice after concluding he had "knowingly misled the board".
Although Looney resigned in September, the oil major said he will now receive no further salary, pension allowance or benefits from the date of his dismissal, effective from today.
It also plans to claw back 50% of the cash portion of the annual bonus paid to him in respect of the financial year 2022, plus he will forfeit a batch of his award of shares that vested in August.
In total, BP said in a statement, the maximum value of the potential remuneration that has been forfeited or clawed back is £32.4 million.
BP explained that in 2022 the board sought assurances regarding disclosure of Looney's past personal relationships with company colleagues and his future behaviour.
Following reports that Looney had promoted staff he was romantically linked with before becoming chief executive in 2020, Looney gave assurances to the board in July 2022.
But in his September resignation, he informed the company that he had not been fully transparent in those assurances.
BP said it had concluded that Looney, by providing inaccurate and incomplete assurances in July 2022, had knowingly misled the board.
"The board has determined that this amounts to serious misconduct, and as such Mr Looney has been dismissed without notice effective on December 13," the firm said.
BP said share awards will lapse in full, and the deferred annual bonus share award will also lapse in full.
Murray Auchincloss, who was previously the company’s chief financial officer, was brought in as acting CEO on an interim basis when Looney resigned.
It was reported late last month that BP has failed to recruit a new CEO, with the board's search for a successor set to continue into 2024.