Team Blitz India
LONDON: Bernard Looney, CEO of British energy giant BP, has resigned after less than four years in the top job over allegations of past personal relationships with colleagues.
Chief Financial Officer Murray Auchincloss will act as CEO on an interim basis, the company said.
The 53-year-old became CEO in February 2020 with a promise to reinvent the 114-year-old company and laid out ambitious plans for the British energy giant to achieve zero net emissions by 2050.
Looney’s shock resignation came after allegations of personal relationships with company colleagues surfaced recently, prompting the company to launch an investigation.
Prior to becoming CEO, Looney had disclosed “a small number of historical relationships with colleagues.”
However, no breach of the company’s code of conduct was found in May2022 and assurances was given by Looney “regarding disclosure of past personal relationships, as well as his future behaviour.”
Looney informed BP’s board on September 12 that he did not fully disclose details of all relationships, prompting his resignation. BP shares in London ended up 1% before the FT reported Looney’s resignation. Its New York-listed shares fell 1.5% to the day’s lows after the news.
