BP CEO Bernard Looney resigned with immediate effect Tuesday, September 12, 2023, having served in the oil major's top position for less than four years, due to the failure to fully disclose details of past personal relationships with colleagues, as reported by Ron Bousso and Shadia Nasralla for Reuters.
Looney's unexpected resignation followed recent allegations of personal relationships with company colleagues, which prompted BP to initiate an investigation. I Photo: BP Facebook
Chief Financial Officer Murray Auchincloss will serve as interim CEO, according to BP.
Looney, aged 53, assumed the role of CEO in February 2020 with a commitment to reinvent the 114-year-old company. He laid out ambitious plans for the British energy giant, including achieving zero net emissions by 2050 and investing heavily in renewable and low-carbon power.
Looney's unexpected resignation followed recent allegations of personal relationships with company colleagues, which prompted BP to initiate an investigation.
Similar allegations had previously been investigated by the board in May 2022. During that review, Looney disclosed "a small number of historical relationships with colleagues before becoming CEO."
No breaches of the company's code of conduct were found at the time, and the board received assurances from Looney regarding the disclosure of past personal relationships and his future conduct.
However, Looney informed BP's board on Tuesday that he had not fully disclosed all the details of these relationships, leading to his resignation.
BP shares in London rose by 1% before the Financial Times reported Looney's resignation, while its New York-listed shares dropped 1.5% to the day's lowest point following the news.