BP boss Bernard Looney resigns over past relationships with colleagues
The chief executive of BP has resigned with immediate effect due to a lack of transparency over previous relationships with colleagues, the oil giant said in a statement late last night.
“In May 2022, the board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. The information came from an anonymous source,” the firm said.
“During that review, Mr 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. However, the board sought and was given assurances by Mr Looney regarding disclosure of past personal relationships, as well as his future behaviour.
“Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel. That process is ongoing.
“Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”
CFO Murray Auchincloss will act as CEO on an interim basis, the company said.
No decisions have been made on renumeration payments to be made to Looney, it added.
The story was first reported by the Financial Times, which cited two sources.
53-year-old Bernard Looney was appointed as CEO in 2020 to navigate the oil giant through the energy transition, succeeding former boss Bob Dudley.
The Irish-born energy veteran had spent his entire career at the firm after joining in 1991 and worked across a variety of executive positions.
Looney previously laid out ambitious plans for the British group to reach net zero by 2050, while investing billions in renewable and low-carbon power.
The Irish businessman also navigated the group through one of the most challenging years in modern history, which saw Covid-19, an energy crisis and the firm’s exit from Russia following Vladimir Putin’s invasion of Ukraine.
In April, it was revealed Looney’s pay packet had doubled to more than £10m, after the oil and gas conglomerate netted record profits on the back of the Ukraine war.
BP’s shares have risen around four per cent since Looney took the helm, against increases of 20 and 29 per cent at rivals Shell and Totalenergies.