Today: March 05, 2024
Today: March 05, 2024

Factbox-Scandal-hit companies which went after executive compensation

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Factbox-Scandal-hit companies which went after executive compensation
Reuters
Reuters
December 13, 2023

(Reuters) - BP on Monday cut over $40 million in compensation from former CEO Bernard Looney after the British oil giant concluded he had knowingly misled the board over personal relationships with colleagues.

Looney resigned in September after less than four years in the top job for failing to fully disclose details of past personal relationships with colleagues.

The following is a list of companies whose executives had to forego their bonuses or pay them back after being hit by scandals.

NatWest Group Plc

The British bank said in November that former CEO Alison Rose would forego 7.6 million euros ($8.27 million) in awards, bonus and variable remuneration after a law firm review of the "debanking" of former Brexit party leader Nigel Farage.

McDonald's

Two years ago, former McDonald's CEO Steve Easterbrook agreed to return compensation worth $105 million in equity awards and cash to settle a lawsuit over alleged lies about affairs.

Wells Fargo

In 2016, Wells Fargo stripped then-CEO John Stumpf of $41 million in stock awards after an extensive sales practices scandal.

($1 = 0.9190 euros)

(Reporting by Granth Vanaik, Jaiveer Singh Shekhawat and Arunima Kumar in Bengaluru; Editing by Maju Samuel)

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