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BP chief take over £2.3m pay cut after slump in profits

BP chief executive Murray Auchincloss took a £2.3m pay cut last year amid a slump in profit at the fossil fuel giant.

BP has a global workforce of around 90,000

BP to cut over 5% of workforce in CEO's cost cut drive

BP will cut over 5% of its global workforce, it said today, as part of chief executive Murray Auchincloss' efforts to reduce costs and rebuild investor confidence in the energy giant.

Business • 16 Jan

Former BP CEO Bernard Looney abruptly stepped down last September and was formally dismissed in December

Shareholder advisors support BP handling of CEO's sacking

Two major shareholder advisory firms have expressed support for the BP board's handling of former CEO Bernard Looney's dismissal last year, ahead of the British energy giant's annual general meeting this month.

Business • 03 Apr 24

Former BP CEO Bernard Looney was dismissed from the oil giant last year

BP claws back £1.8m from former CEO Looney's 2023 pay

BP clawed back £1.8m from former CEO Bernard Looney's 2023 pay package following his dismissal in December for failing to disclose past relationships with employees, the company said in its annual report.

Business • 08 Mar 24

BP has now completed its leadership reshuffle following Bernard Looney's abrupt resignation as CEO in September

BP names Thomson as permanent CFO

BP has today named Kate Thomson as its permanent chief financial officer with immediate effect, completing a leadership reshuffle following Bernard Looney's abrupt resignation as CEO in September.

Business • 02 Feb 24

BP has today confirmed Murray Auchincloss as its permanent CEO

BP names Murray Auchincloss as permanent CEO

BP has today named Murray Auchincloss permanent CEO, four months after he was given the interim job following the sudden resignation of Bernard Looney over undisclosed relationships with employees.

Business • 17 Jan 24

BP's board is said to have short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as CEO

BP short-lists 3 internal candidates for CEO - sources

BP's board has short-listed interim CEO Murray Auchincloss and two senior female executives as internal candidates to replace Bernard Looney as chief executive, three company and industry sources told Reuters.

Business • 19 Dec 23

BP's board dismissed its former CEO Bernard Looney without notice for serious misconduct

BP claws back $40m from former CEO Looney

BP cut over $40m in remuneration from former CEO Bernard Looney after the oil giant concluded he had knowingly misled the board over personal relationships with colleagues.

Business • 14 Dec 23

BP's search for a new chief executive is set to extend into the first quarter of next year, sources say

BP's search for new CEO to extend into next year

BP's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.

Business • 30 Nov 23

BP's US boss to leave company weeks after CEO Looney

BP's top executive in the US, Dave Lawler, is leaving the company, the energy company said in a memo to employees, less than three weeks after the company's chief executive, Bernard Looney, resigned.

Business • 02 Oct 23

Bernard Looney resigned as BP CEO on Tuesday after failing to fully disclose past personal relationships with employees

BP begins search for new CEO with no clear front-runner

BP CEO Bernard Looney's abrupt resignation has thrown the British oil major into a leadership crisis with no groomed front-runner to succeed him, company and industry sources have said.

Business • 14 Sep 23

Bernard Looney, who is from Co Kerry, took over as CEO of BP in 2020

BP's Irish CEO Looney resigns with immediate effect

BP CEO Bernard Looney has resigned with immediate effect after accepting he was not "fully transparent" in his disclosures about past relationships with colleagues.

Business • 13 Sep 23

BP CEO Looney's 2022 pay more than doubles to £10m

BP's chief executive Bernard Looney's total remuneration for 2022 more than doubled to £10.03m from £4.46m in 2021, BP's annual report published today showed.

Business • 10 Mar 23

BP posts a record profit of $27.6 billion in 2022 which was lifted by a surge in energy prices

BP makes record profit in 2022, boosts oil spending

BP has today reported a record profit of $28 billion for 2022 and hiked its dividend, but infuriated climate activists by rowing back on plans to slash oil and gas output and reduce carbon emissions by 2030.

Business • 07 Feb 23

BP's chief executive Bernard Looney aims to rapidly grow its renewables business and slash oil and gas output by 2030

Ukraine war to accelerate shift to clean energy - BP

Russia's war in Ukraine is expected to weigh on long-term energy demand and accelerate the world's shift to renewables and low-carbon power as countries boost domestic energy supplies, BP said in a report today.

Business • 30 Jan 23

BP is in the early planning stages of developing a large, low-carbon hydrogen hub around its Indiana refinery

BP doubles down on hydrogen as fuel of the future

BP chief executive Bernard Looney is betting on hydrogen to power future low-carbon businesses as the governments of major economies stump up cash to develop the fuel to decarbonise.

Business • 05 Dec 22

Gas market crisis 'not a one winter deal' - BP's Looney

The Chief Executive Officer of BP Bernard Looney has said the current crisis in the European gas market is "not a one winter deal".

Ukraine • 05 Sep 22

BP's Looney inducted into Irish Academy of Engineering

The Irish Academy of Engineering has formally inducted Kerryman and BP chief executive Bernard Looney as a Fellow of the organisation.

Business • 05 Sep 22

BP wins shareholder support for climate strategy

BP shareholders yesterday backed the energy company's climate strategy, while fewer investors than last year supported a resolution filed by an activist group urging faster action to battle climate change.

Business • 13 May 22

BP also confirmed that its chief executive is resigning from Rosneft's board with "immediate effect"

BP to exit stake in Russian oil giant Rosneft

BP is exiting its 19.75% shareholding in Russian oil giant Rosneft, the firm said in a statement.

Business • 28 Feb 22

BP sticks with Russian business, CEO Looney says

BP is sticking with its Russian oil and gas business, which has so far been unaffectd by simmering tensions between Russia and the West, its chief executive Bernard Looney said today.

Business • 14 Feb 22

BP's CEO Bernard Looney said the oil company was transforming

BP records highest profit in eight years in 2021

BP has today reported a profit of $12.8 billion in 2021, the highest in eight years, as natural gas and oil prices soared and the global economy recovered from the pandemic slump.

Business • 08 Feb 22

BP's CEO Bernard Looney said the company will continue producing hydrocarbons for decades to come

BP to stick with oil and gas for decades, CEO says

BP will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, its chief executive Bernard Looney told Reuters.

Business • 23 Jun 21

BP CEO Bernard Looney plans to shift to renewable energy following a bruising year of mass layoffs and spending cuts

BP offers employees shares in cry for low-carbon shift

Oil major BP is launching its first share award scheme to rally its more than 60,000 employees around CEO Bernard Looney's plan to shift to renewable energy following a bruising year of mass layoffs, bonus suspensions and spending cuts.

Business • 17 Feb 21

BP's new CEO Bernard Looney said the spread of Covid-19 has only strengthened the company's resolve to progress its transformation plans

BP's Looney halves top management roles under new plan

BP is more than halving the size of its senior management team as part of chief executive Bernard Looney's drive to make the 111-year-old oil company more nimble as it prepares for the shift to low-carbon energy, company sources told Reuters.

Business • 26 May 20