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Wednesday, September 13, 2023
Super major BP has confirmed that Bernard Looney has notified the company that he has resigned as Chief Executive Officer with immediate effect. Murray Auchincloss, the company’s CFO, will act as CEO on an interim basis.
In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Looney’s conduct in respect of personal relationships with company colleagues. The information came from an anonymous source.
During that review, 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 Looney regarding disclosure of past personal relationships, as well as his future behavior.
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.
Looney 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.
BP says that the company has strong values and the Board expects all team members to behave in accordance with those values. All leaders in particular are expected to act as role models and to exercise good judgement in a way that earns the trust of others.
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