BP CEO Bernard Looney has resigned, effective immediately, the company announced Tuesday.
Looney’s time at the helm of the London-based oil company began in 2020. Now, he resigned suddenly after it was discovered that he was not “fully transparent in his previous disclosures” about his relationships with colleagues before he took the job.
“The company has strong values and the board expects everyone at the company to behave in accordance with those values,” BP said in a statement. “All leaders in particular are expected to act as role models and to exercise good judgment in a way that earns the trust of others.”
Previous investigations into his relationships with colleagues found no breaches of BP’s code of conduct, the company said, adding that new investigations are ongoing.
Prior to his appointment as CEO, Looney led BP’s Upstream group, which is focused on exploration and production.
In his place, CFO Murray Auchincloss will serve as interim CEO.
News of the resignation was first reported by the Financial Times.
BP shares ended Tuesday down 1.3% after being up nearly 3% earlier in the session.
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