BP CEO Bernard Looney has resigned with immediate effect after failing to fully disclose relationships with colleagues.
In May 2022, the Board 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. The information came from an anonymous source.
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 behaviour.
Further allegations of a similar nature were received recently, and BP immediately began investigating with the support of external legal counsel. That process is ongoing.
Mr Looney informed BP earlier this week that he now accepts that he wasn’t “fully transparent” in his previous disclosures. He didn’t provide details of all relationships and accepts he was obligated to make more complete disclosure.
Murray Auchincloss, BP’s CFO, will act as CEO on an interim basis.
