Bernard Looney Chief executive officer BP

BP chief executive Bernard Looney has resigned with immediate effect after admitting he did not provide a full disclosure to an inquiry into his conduct.

The company has announced chief finance officer Murray Auchincloss will act as CEO on an interim basis.

The inquiry into Looney’s conduct took place in May 2022, when the board received and reviewed allegations relating to his conduct in respect of personal relationships with company colleagues.

During the review, 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 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.

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

In a statement BP said: “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.”