British energy giant BP said Tuesday that its chief executive Bernard Looney had resigned “with immediate effect”, after admitting that he had not been “fully transparent” about historical relationships with colleagues.
“Bernard Looney has notified the company that he has resigned as chief executive officer with immediate effect,” the company said in a statement, adding that finance chief Murray Auchincloss would act as interim CEO.
Looney is leaving the energy firm after less than four years in the role.
BP said that in May last year its board received and reviewed allegations from an anonymous source relating to Looney’s conduct “in respect of personal relationships with company colleagues”.
Looney disclosed “a small number of historical relationships with colleagues prior to becoming CEO” during the review, it added, while noting that no breach of the company’s code of conduct was found.
However, the board was given his assurances over his disclosures of past personal relationships, as well as his future behaviour, according to BP.
“Further allegations of a similar nature were received recently, and the company immediately began investigating with the support of external legal counsel,” it said, adding that the process was continuing.
“Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures,” BP added.
“He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”
BP said the board expected all staff to behave in accordance with the company’s 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,” the company said.
Looney, 53, has been at BP since joining the British energy behemoth in 1991, and was appointed chief executive in 2020.
