Bernard Looney, the chief executive officer (CEO) of oil major British Petroleum (BP) has resigned following a company investigation into his personal conduct.
Chief Financial Officer Murray Auchincloss has been named the interim CEO of BP, as the company is commonly known, while the board of directors’ searches for a permanent replacement for Looney.
Looney stepped down after BP reviewed allegations that the CEO had personal relationships with several colleagues and subordinates at the energy company.
During the investigation, Looney disclosed several past relationships prior to becoming CEO, some of which go back decades, which BP said did not violate its code of conduct policy.
However, in a written statement, 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 spent his entire career at the company. He was named CEO in 2020.
BP enjoyed record profits in 2022 as crude oil prices rose above $120 U.S. a barrel following Russia’s invasion of Ukraine. This year, the company announced that it is raising its quarterly dividend by 10% and buying back $1.5 billion U.S. of its own shares.
British Petroleum’s stock has gained 20% over the last 12 months to trade at $38.10 U.S. per share