BP chief Bernard Looney steps down over past relationships with colleagues

Chief Financial Officer Murray Auchincloss named interim CEO of the British energy giant.

Bernard Looney
Bernard Looney has stepped as CEO of BP [File: Arun Sankar/AFP]

BP chief executive Bernard Looney has resigned after admitting to not being “fully transparent” about past relationships with colleagues, the British energy giant has said.

Looney’s resignation follows recent allegations of personal relationships with company colleagues, prompting BP to launch an investigation, the company said in a statement on Tuesday.

The company said its board investigated similar allegations in May 2022 involving “a small number” of past relationships between Looney and colleagues prior to his becoming CEO.

“Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel,” the company said in a statement.

“Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures,” BP said.

“He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”

“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,” the company added.

Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis.

Looney’s departure comes after leading the firm through a rocky period that included the COVID-19 pandemic and the fallout from Russia’s invasion of Ukraine.

Looney, who is from Ireland, had worked at BP since 1991 and was appointed CEO in early 2020.

Source: News Agencies