LONDON: The CEO of the British energy giant BP has resigned after accepting that he was not “fully transparent” in his revelations about the past relationships with colleaguesthe company said Tuesday.
Bernard Looney53, took up the position in February 2020. He will step down with immediate effect and will be replaced by Chief Financial Officer Murray Auchincloss on an interim basis, BP said.
A statement from the company said its board investigated allegations regarding Looney’s conduct “regarding personal relationships with colleagues” in May last year. The director disclosed a small number of past relationships before becoming CEO and no breach of company rules was found. , the statement said.
But the company recently received more similar allegations and launched a new investigation. The statement said Looney “now accepts that he was not fully transparent in his previous disclosures.”
“The company has strong values and the board expects everyone within the company to behave in accordance with those values. In particular, all leaders are expected to act as role models and use common sense in a way that earns the trust of others,” the report said.
BP said no decisions have yet been made on any incentive payments to Looney.
Looney had spent his entire career at BP, having started as an engineer in 1991. As CEO, he promised that BP would aim to achieve ‘net zero’ or carbon neutrality by 2050. He had also said that the oil giant would increase the amount it would spend on it. invests tenfold in low-carbon projects by 2030.
Bernard Looney53, took up the position in February 2020. He will step down with immediate effect and will be replaced by Chief Financial Officer Murray Auchincloss on an interim basis, BP said.
A statement from the company said its board investigated allegations regarding Looney’s conduct “regarding personal relationships with colleagues” in May last year. The director disclosed a small number of past relationships before becoming CEO and no breach of company rules was found. , the statement said.
But the company recently received more similar allegations and launched a new investigation. The statement said Looney “now accepts that he was not fully transparent in his previous disclosures.”
“The company has strong values and the board expects everyone within the company to behave in accordance with those values. In particular, all leaders are expected to act as role models and use common sense in a way that earns the trust of others,” the report said.
BP said no decisions have yet been made on any incentive payments to Looney.
Looney had spent his entire career at BP, having started as an engineer in 1991. As CEO, he promised that BP would aim to achieve ‘net zero’ or carbon neutrality by 2050. He had also said that the oil giant would increase the amount it would spend on it. invests tenfold in low-carbon projects by 2030.
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