# BP CEO Bernard Looney Steps Down Amidst Investigation into Personal Relationships
Bernard Looney, the Chief Executive Officer of [BP](https://www.reuters.com/markets/companies/BP.L), has announced his immediate resignation. Looney’s decision to step down follows a company investigation into accusations related to undisclosed personal relationships with colleagues. Looney’s sudden departure from the British oil major comes less than four years into his tenure as CEO.
## Interim Leadership
Following Looney’s resignation, Murray Auchincloss, the company’s Chief Financial Officer, will serve as the interim CEO, as announced by the company. The 53-year-old Looney had assumed the CEO position in February 2020, pledging to reinvent the 114-year-old company. His [ambitious plans](https://www.reuters.com/business/energy/bps-looney-holding-his-nerve-over-energy-transition-plan-2023-09-05/) for BP included achieving net-zero emissions by 2050 and investing substantially in renewable and low-carbon power.
## Allegations and Investigation
The company launched an investigation following the recent emergence of allegations about Looney’s personal relationships with company colleagues. This probe followed similar accusations that the board had examined in May 2022. During that review, Looney confessed to a “small number of historical relationships with colleagues prior to becoming CEO.” No breach of the company’s code of conduct was discovered at that time, and the board received assurances from Looney regarding the disclosure of past personal relationships and his future conduct. However, Looney informed BP’s board on Tuesday that he had not fully disclosed all relationships, which led to his resignation.
## Auchincloss to Steer Company Through Uncertain Times
Auchincloss, 52, has been with the company since July 2020 and has aided Looney in navigating the company through some of the most tumultuous years in recent history. These include the COVID-19 pandemic, a swift exit from Russia following the invasion of Ukraine last year, an energy price shock, and a global cost of living crisis.
It remains unclear whether Looney’s departure will result in a change in strategy. Morningstar analysts noted in a report, “Depending on the new CEO, BP could theoretically roll back its transition plans further. But if the board likes the current direction, regardless of the lagging stock price, they will likely bring in someone who keeps BP on the same path.”
Looney’s [2022 pay packet](https://www.reuters.com/business/energy/bp-ceo-looneys-2022-pay-more-than-doubles-12-mln-2023-03-10/) more than doubled to around $12 million due to the company’s record profits amid spiraling energy prices. In contrast, BP’s emissions remained largely unchanged from a year earlier. As for potential remuneration payments to Looney, BP stated that “no decisions have yet been made.”
Looney took over from Bob Dudley, who led BP through the aftermath of the Deepwater Horizon spill in 2010.
Original Story at www.reuters.com – 2023-09-13 05:37:00
Comments are closed.