BP Reclaims £1.8M From Dismissed CEO's Pay Package
Portfolio Pulse from Shivani Kumaresan
BP Plc reclaimed £1.8 million from former CEO Bernard Looney's pay following his dismissal for undisclosed relationships with employees. Looney's total remuneration was reduced, with bonuses and share awards worth £3 million revoked. Murray Auchincloss succeeded Looney as CEO, earning £8 million last year. BP plans to buy back $3.5 billion of shares in the first half of 2024 and at least $14 billion through 2025. BP shares rose by 0.52% to $36.62.
March 08, 2024 | 2:56 pm
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BP reclaimed £1.8 million from former CEO Bernard Looney's pay and announced plans for significant share buybacks through 2025. Shares increased by 0.52% to $36.62.
The reclaiming of funds from the former CEO's pay package and the announcement of substantial share buybacks are positive signals to investors, indicating strong corporate governance and a shareholder-friendly capital allocation policy. These factors, combined with the immediate positive price action, suggest a likely short-term positive impact on BP's stock.
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IMPORTANCE 90
RELEVANCE 100