Bernard Looney became CEO of BP in 2020.
Prakash Singh/Bloomberg
BP
Chief Executive Officer Bernard Looney resigned from the company following a company review of his conduct.
Chief Financial Officer Murray Auchincloss will take over as CEO on an interim basis, BP said Tuesday.
BP (ticker: BP) said it reviewed allegations from an anonymous source in 2022 relating to Looney’s personal relationships with colleagues. During that review, Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO, which BP said did not breach the code of conduct.
“Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel. That process is ongoing,” BP said. “Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”
Looney joined BP in 1991 and has spent his career at the company. He was appointed to the role of CEO in 2020.
American depositary receipts of BP fell 1.3% Tuesday to $38.10. The stock has risen 9.1% in 2023. Energy company stocks have recently gained following news that Saudi Arabia extended its production cuts to the end of the year, raising the price of oil.
BP reported a drop in profit for its second quarter earlier this summer as oil prices dropped compared with the year earlier. However, the British oil giant also raised its dividend by 10% and announced a $1.5 billion share buyback program.
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