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BP ex-CEO Bernard Looney will give up more than $40 million in compensation, the company said.
  • Bernard Looney resigned as the CEO of BP in September. 
  • BP said Looney hadn't been transparent about "past personal relationships" with colleagues.
  • Now, BP said Looney will lose more than $40 million in compensation. 

BP CEO Bernard Looney abruptly resigned in September after the company's board said he hadn't been forthright about past "personal relationships" with colleagues.