Offshore staff
LONDON – BP reports that its CEO Bernard Looney has resigned, with CFO Murray Auchincloss taking on his duties on a temporary basis.
According to the company, in May last year BP's board of directors investigated various allegations, with the support of external legal counsel, concerning Looney’s conduct in respect of personal relationships with company colleagues.
During the review, he confirmed having been in certain relationships with colleagues prior to becoming CEO. The process determined no breach of the company’s Code of Conduct, however the board sought and received assurances from Looney regarding disclosure of past personal relationships, and his future behavior.
But following recent allegations of a similar nature, the board renewed its investigations, again with the support of external legal counsel, and that process continues.
Looney has admitted to the company that he was not fully transparent in his previous disclosures. He had not provided details of all the relationships and accepts he should have made a more complete disclosure.
BP said that it expects all its leaders in particular to be role models for others and to exercise good judgement in a way that earns their trust.
09.13.2023
