bp CEO has resigned

BP has announced that Bernard Looney has notified the Company that he has resigned as Chief Executive Officer with immediate effect.

Murray Auchincloss, the Company’s CFO, will act as CEO on an interim basis.

In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Mr Looney’s conduct in respect of personal relationships with company colleagues. The information came from an anonymous source.

During that review, Mr Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO. No breach of the Company’s Code of Conduct was found. However, the Board sought and was given assurances by Mr Looney regarding disclosure of past personal relationships, as well as his future behaviour.

Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel. That process is ongoing.

Mr Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.

The Company has strong values and the Board expects everyone at the Company to behave in accordance with those 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.

No decisions have yet been made in respect of any remuneration payments to be made to Mr Looney. In accordance with section 430(2B) of the Companies Act 2006, particulars of any such decisions will be disclosed at such times as, and to the extent that, any such decisions are made.

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