Bernard Looney, chief executive of London-based oil and gas giant BP, has resigned after the company said he allegedly did not disclose about his past relationships with colleagues.
Looney will be temporarily replaced by BP Chief Financial Officer Murray Auchincloss, the company said in a statement.
The results of an investigation in 2022 revealed a statement made by Looney in which he admitted to “a small number of historical relationships with colleagues” before he was made CEO.
BP later said it had received information that led to an additional investigation.
The company said Looney “did not disclose all relationships and acknowledged that he was obligated to do so.” [a] More complete disclosure.”
Looney is said to have informed BP that he had not been completely transparent during a previous investigation into his background at the company.
“The company has strong values and the board expects everyone at the company to behave in accordance with those values,” BP said in its statement.
The company is now without a CEO at a time when the oil and gas industry is facing evolution in the way things operate as countries try to find low-carbon energy alternatives.
Looney has reportedly been one of the loudest voices among oil and gas CEOs pushing for a more rapid transition to the new low-carbon energy business environment.