Bernard Looney, the CEO of oil giant BP, resigned from the company suddenly on Tuesday after acknowledging that he was not fully transparent in disclosing his “relationships” during an internal investigation last year. BP’s Board investigated Looney’s personal relationships with his colleagues back in May 2022, but determined that he had not violated BP’s internal code of conduct. However, new allegations of previously undisclosed relationships have incited a new investigation into the matter, according to a statement released on BP’s website, which did not elaborate on the nature of Looney’s “relationships.” When the news of this latest scandal broke, BP’s stock dipped more than 1%. With Looney’s resignation, Murray Auchincloss, the company’s chief financial officer, will step up as the interim CEO.
