Bp has announced the immediate resignation of Bernard Looney as Chief Executive Officer (CEO). The company’s Chief Financial Officer (CFO), Murray Auchincloss, will take on the role of CEO on an interim basis.
Looney’s departure follows a series of allegations concerning his conduct in personal relationships with company colleagues. These allegations, initially brought to light by an anonymous source in May 2022, prompted a thorough review by the company’s board with the assistance of external legal counsel.
During the initial review, Looney disclosed a limited number of historical relationships with colleagues that predated his tenure as CEO. No violations of the company’s Code of Conduct were identified at that time. However, the board sought and received assurances from Looney regarding the disclosure of past personal relationships and his future behaviour.
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More recently, additional allegations of a similar nature surfaced, leading the company to launch a new investigation with the support of external legal counsel. This ongoing process revealed that Looney had not been fully transparent in his previous disclosures and had failed to provide details of all relevant relationships.
Bp emphasized its strong corporate values and expects all employees, particularly its leaders, to exemplify these values and exercise sound judgment to earn the trust of others.
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Regarding remuneration payments to Looney, no decisions have been reached yet. The company will disclose particulars of any such decisions, if and when they are made, in accordance with section 430(2B) of the United Kingdom Companies Act 2006.
This announcement is deemed inside information under Article 7 of the Market Abuse Regulation (MAR), as incorporated into domestic law by the European Union (Withdrawal) Act 2018.
