BP Reduces Bonuses for Leaders After Missing 2024 Targets
(Reuters) -BP will cut performance-related bonuses for its senior leaders to 45% after the company missed some of its financial goals in 2024, the oil major confirmed on Tuesday.
The company had earlier reported 2024 core profit of $38 billion, missing its target of $40.9 billion, according to a document seen by Reuters.
Sources close to the company had revealed the bonus cut to 45%. BP confirmed the figure but did not respond to a request for disclosure of the previous bonus level and avergae bonuses.
Chief Executive Murray Auchincloss pledged to reset the company's strategy after it reported the worse than expected 35% decline in annual profit.
Last month the company said it would cut more than 5% of its global workforce as part of efforts to reduce costs and rebuild investor confidence.
Auchincloss is expected to use the company's capital markets day (CMD) on February 26 to announce his new strategy.
(Reporting by Arunima Kumar in Bengaluru and Dmitry Zhdannikov in LondonEditing by David Goodman)