BP CEO Bernard Looney resigns

(Sharecast News) - BP confirmed on Tuesday that chief executive Bernard Looney has resigned with immediate effect less than four years into the job. Chief financial officer Murray Auchincloss will act as CEO on an interim basis.

BP noted that in May 2022, it received and reviewed allegations from an anonymous source relating to Looney's conduct in respect of personal relationships with company colleagues.

"During the review, Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO," BP said.

"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."

The oil giant said Looney had conceded 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," it said.

"The company has strong values and the board expects everyone at the company to behave in accordance with those values. 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."