The former chief of BP plc, Bernard Looney, is set to forfeit more than $40 million in compensation after he “knowingly misled” the board about his previous relationships with colleagues.

Looney, who resigned abruptly in September, gave the board “inaccurate and incomplete assurances” as part of an investigation that began in 2022, according to the integrated major.

The board noted that Looney was “dismissed without notice” effective in mid-December, tied to the finding of “serious misconduct.”

“Following careful consideration, the board has concluded that, in providing inaccurate and incomplete assurances in July 2022, Mr. Looney knowingly misled the board,” BP stated Wednesday (Dec. 13). Looney acknowledged when he resigned three months ago that he was not...