BP Docks Former CEO Bernard Looney as Much as $40 Million Over ‘Serious Misconduct’

LONDON—BP said former Chief Executive Bernard Looney will lose out on as much as $40.6 million in compensation as the result of his abrupt resignation over past relationships with colleagues.

The significant cost to Looney of his September departure from the London-based company includes the maximum potential value of salary, pension payments, deferred bonuses and other compensation he might have received, before taxes, BP said in a release on Wednesday.