The CEO of UK energy giant BP has resigned after he accepted that he was not “fully transparent” in his disclosures about past relationships with colleagues.
ADVERTISEMENTThe CEO of UK oil and gas giant BP, Bernard Looney, has resigned from his post following allegations of misconduct over his personal relationships with colleagues.
BP said in a press release late on Tuesday that Looney's resignation will take immediate effect.
The company said it had recently launched a second, ongoing investigation into allegations concerning Looney's historical relationships with colleagues prior to becoming CEO.
He admitted that he had not been "fully transparent" about the relationships when questioned before, BP said.
An anonymous source had given BP's board information in May 2022 about Looney's past relationships with colleagues, prompting a review in which he disclosed a small number of them from before he took on the role of CEO in February 2020.
However when further allegations came to light, Looney accepted that he didn't previde details of all the relationships and that he was obliged to make a more complete disclosure, BP said.
"The Company has strong values and the Board expects everyone at the Company to behave in accordance with those values," BP said in the press release. "All leaders in particular are expected to act as role models and to exercise good judgement in a way that earns the trust of others."
Murray Auchincloss, the BP's CFO, will act as CEO on an interim basis, the company said, adding that no decisions have yet been made regarding any remuneration payments to be made to Looney.
Looney had spent his entire career at BP, having joined as an engineer in 1991. As CEO he pledged that BP would aim to achieve “net zero” or carbon neutrality by 2050. He had also said that the oil giant would increase the amount it invests in low-carbon projects tenfold by 2030.
