BP CEO Bernard Looney resigns amidst allegations
BP plc announced on September 12 that its Chief Executive Officer (CEO), Bernard Looney, has resigned effective immediately. Murray Auchincloss, currently serving as the company's chief financial officer, will step in as the interim CEO.
In May 2022, BP's board, with assistance from external legal counsel, began reviewing allegations related to Looney's personal relationships with colleagues. This investigation was initiated based on information from an anonymous source. During this review, Looney admitted to a few past relationships with colleagues before his tenure as CEO. Although no violations of BP's Code of Conduct were identified, the board sought and received assurances from Looney about his past disclosures and expected future conduct.
However, recent allegations of a similar nature have emerged, prompting another investigation by the company, again with the support of external legal counsel. This investigation is still underway.
Looney has now acknowledged that his previous disclosures were not entirely transparent. He failed to provide comprehensive details of all relationships and recognises his obligation for a more thorough disclosure.
BP emphasised its commitment to strong values and expects all its employees, especially leaders, to embody these values and act as role models. The company believes in earning trust through sound judgment and transparency.
As of now, no decisions regarding any compensation for Looney have been finalised. Any such decisions will be disclosed in compliance with section 430(2B) of the Companies Act 2006.