BP boss resigns amid ‘personal relations’ review

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The chairman of oil giant BP has resigned as chief executive amid a review of his personal relationships with colleagues.

Bernard Looney, who has led the company since 2020, will step down with immediate effect, the company said.

BP said it had recently launched an investigation into Mr Looney’s alleged relationships with colleagues, the second in two years.

The agency said Mr Looney had initially admitted he was not “fully transparent”.

“The company has strong values ​​and the board expects everyone in the company to behave in accordance with those values,” a spokesman said.

“All leaders in particular are expected to lead by example and exercise good judgment in order to earn the trust of others.”

Mr Looney spent his career at BP, having joined in 1991 as an engineer. He became a member of its board of directors in 2010.

Mr Looney had set out plans to make the energy giant net zero by 2050, but came under fire from environmental groups for watering down his initial targets.

His departure comes at a time of sharp scrutiny of the administration’s personal conduct.

BP said it had not made any decision regarding Mr Looney’s remuneration. Last year he received more than £10m in pay and bonuses as oil prices rose and pushed the company’s profits to a record.

Chief Financial Officer Murray Auchincloss will act as Chief Executive on an interim basis.

At the time, Mr Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO” and the company said it did not breach the company’s conduct.

The board said it had “recently” received similar allegations and launched an investigation.

Mr Looney “has not provided details of all relationships and accepts he is under an obligation to make full disclosure”, BP said.

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