BP CEO Looney resigns over personal relationships with colleagues
By Ron Bousso and Shadia Nasralla
LONDON (Reuters) -BP CEO Bernard Looney resigned on Tuesday with immediate effect after less than four years in the oil major's top job for failing to fully disclose details of past personal relationships with colleagues, the company said.
Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis, the company said.
Looney, 53, became CEO in February 2020 with a vow to reinvent the 114-year-old company, laying out ambitious plans for the British energy giant to achieve zero net emissions by 2050, and to invest billions in renewable and low-carbon power.
Looney's surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
That followed similar allegations the board investigated in May 2022. During that review, Looney disclosed «a small number of historical relationships with colleagues prior to becoming CEO.»
No breach of the company's code of conduct was found at the time and the board was given assurances by Looney «regarding disclosure of past personal relationships, as well as his future behaviour.»
Looney informed BP (NYSE:BP)'s board on Tuesday that he did not fully disclose details of all relationships, prompting his resignation.
BP shares in London ended up 1% before the FT reported Looney's resignation. Its New York-listed shares fell 1.5% to the day's lows after the news.
REINVENTING BP
Auchincloss 52, became CFO in July 2020 and has helped Looney steer the company through some of the most tumultuous years in modern history, from COVID-19 to a rapid exit from Russia following the invasion of Ukraine last year, an energy price shock, and a global cost of
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