The Chief Executive Officer of oil and gas giant, BP, Mr. Bernard Looney has resigned with immediate effect.
The company has revealed this in a statement on Tuesday, September 12, 2023.
Looney’s surprise resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
According to BP, Looney admitted in the course of the investigation that “he was not fully transparent in his previous disclosures.”
He did not provide details of all relationships and accepted he was obligated to make more complete disclosure.
BP said its board in May 2022 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.
“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 behavior,” BP said.
Further allegations of a similar nature were received recently, said BP, and the company began an investigation, which is ongoing.
BP said it 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 judgment in a way that earns the trust of others.
“No decisions have yet been made in respect of any remuneration payments to be made to Mr. Looney,” BP concluded.
Looney, 53, is to be replaced by Murray Auchincloss, the oil major’s chief financial officer, “on an interim basis”.