Looney lost up to 32.4 million pounds ($40.9 million) in compensation as a result, BP said. Auchincloss is a longtime BP executive who was finance chief before becoming interim CEO. This spurred speculation on a possible change in strategy after Looney's departure, which Auchincloss addressed in a webcast to BP staff the day after the leadership change. "Our strategy--from international oil company to integrated energy company--does not change. Since Looney's abrupt exit, shares in the London-based energy company have underperformed, dropping 14% amid investor uncertainty over BP's future strategy.

Source: Wall Street Journal January 17, 2024 16:21 UTC