BP CEO Bernard Looney Resigns Amidst Disclosure Controversy

BP, one of the world’s largest energy companies, has made a surprising announcement regarding the resignation of CEO Bernard Looney, effective immediately. This unexpected development comes in light of Bernard Looney’s failure to provide complete disclosure of his past personal relationships with colleagues. BP has confirmed that Chief Financial Officer Murray Auchincloss, aged 52, will step in as interim CEO during this transitional period.

Bernard Looney, aged 53, assumed the role of CEO in February 2020, with a bold commitment to reshape the 114-year-old company. His vision included ambitious plans for BP to achieve net-zero emissions by 2050, coupled with substantial investments in renewable and low-carbon energy sources, as reported by Reuters. The abrupt resignation of Bernard Looney follows recent allegations of personal relationships with colleagues within the organization. These allegations prompted BP to initiate an internal investigation into the matter, which was reminiscent of a similar probe conducted by the board in May 2022. During the prior review, Bernard Looney had disclosed “a small number of historical relationships with colleagues that occurred before he assumed the role of CEO.” At that time, no violations of the company’s code of conduct were uncovered, and the board had received assurances from Bernard Looney regarding the disclosure of his past personal relationships and his commitment to future conduct. However, on Tuesday, Bernard Looney informed BP’s board that he had not provided full details of all his past relationships, ultimately leading to his resignation.