British oil and gas major BP Plc has announced the surprise exit of Bernard Looney, its chief executive officer (CEO) since Feb 2020, with the Irishman stepping down from his role and leaving the company after he failed to ‘fully detail relationships with colleagues.’
FILE - CEO of oil and gas company BP Bernard Looney talks during the Abu Dhabi International Petroleum Exhibition & Conference in Abu Dhabi, United Arab Emirates, Monday, Oct. 31, 2022. (AP Photo/Kamran Jebreili, File)
{{^htLoading}} {{/htLoading}}
“He did not provide details of all relationships and accepts he was obliged 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 judgment in a way that the earns the trust of others,” BP informed its investors in a statement on Tuesday, according to The Guardian.
Why the resignation?
Last year, Looney underwent a review during which the 53-year-old revealed ‘a small number of historical relationships prior to becoming CEO'; the review was triggered due to information received from an ‘anonymous source.’
{{^htLoading}} {{/htLoading}}
{{^usCountry}}
At the time, the London-headquartered firm did not find any breach of its code of conduct; however, it was given assurance by the now-former CEO regarding both his past relationships and future behaviour.
{{/usCountry}}
{{#usCountry}}
At the time, the London-headquartered firm did not find any breach of its code of conduct; however, it was given assurance by the now-former CEO regarding both his past relationships and future behaviour.
{{/usCountry}}
Recently, some fresh allegations were made, necessitating an inquiry that is still ongoing.
“Mr Looney has today informed the company that he was not fully transparent in his previous disclosures,” BP's statement read.
What next? Who is the new CEO?
Murray Auchincloss, the oil and gas giant's chief financial officer (CFO), will fill the vacant chair on an interim basis. Bloomberg has Auchincloss on its list of BP Plc's next full-time CEO, the others being Heige Lund, William Lin, Anja-Isabel Dotzenrath and Gordon Birrell.
Bernard Looney's tenure in BP Plc
{{^htLoading}} {{/htLoading}}
He joined in 1991 at the age of 21, and went on to hold roles in its operations in North Sea, Vietnam and Mexico; in 2016, he was elevated as the head of its upstream division.
After taking over as the chief executive officer, Looney unveiled his plan to make BP ‘a net-zero company by 2050 or sooner.’
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.
Home/Business/Bernard Looney, CEO of oil major BP Plc, exits company. The story thus far
{{^htLoading}}
Advertisement
{{/htLoading}}
SHARE THIS ARTICLE ON
{{#usCountry}}{{/usCountry}}
Hindustantimes wants to start sending you push notifications. Click allow to subscribe
