bp’s CEO submits his resignation

The Chief Executive Officer (CEO) of British oil and gas company bp for the past two years, Bernard Looney, notified the company of his resignation with immediate effect, the company announced on Tuesday.

Looney disclosed a small number of historical relationships with coworkers before taking up his role as CEO.

The company’s board reviewed allegations of his conduct in his personal relationships with coworkers in May 2022. However, no breach of the company’s code of conduct was found.

Nonetheless, recent allegations of a similar nature surfaced, prompting the corporation to launch an investigation with the assistance of outside legal counsel, which is currently ongoing.

During this investigation, Looney informed the company that he was not fully transparent in his previous disclosures.

Murray Auchincloss, the company’s Chief Financial Officer (CFO), will act as CEO on an interim basis during this period.

• BP
• Chief Executive Officer