BP claws back £1.8 million from sacked CEO Amanda Blanc named as senior Independent Director

BP has clawed back £1.8 million from former chief executive Bernard Looney, who was dismissed due to undisclosed personal relationships with colleagues, described as “serious misconduct.” Looney’s departure prompted an emergency search for a successor, despite the company’s substantial profits. Reports suggest that he won’t be required to pay the full amount back. However, he must reimburse around £420,000 in bonus payments.

The company has appointed Dame Amanda Blanc as its senior Independent Director to help rebuild its reputation after the sexual misconduct scandal. Dame Amanda, currently the CEO of Aviva, will assume the role after BP’s shareholder meeting next month, having been on the oil giant’s Board since September 2022.

The senior independent Director plays a vital role, acting as a counterbalance to the chairman’s power and representing non-executives not involved in the company’s operations. Dame Amanda, a vocal critic of sexism and advocate for women’s rights, brings diverse leadership experience to the role.

Dame Amanda replaces Paula Rosput Reynolds, the National Grid Chairman, during a broader reshuffle of the BP Board. The company’s annual report, released alongside the appointments, defended the Board’s handling of Looney’s exit, emphasising effective emergency succession planning.

Murray Auchincloss, who initially served as temporary CEO before being made permanent, saw his pay rise to £8 million in 2023, including a £1 million salary, benefits, and bonuses. His compensation places him among the top-earning FTSE 100 CEOs. BP’s reported profits for 2023 were $14bn, down from $28bn the previous year during the peak of the global crisis.