bp has announced that CEO Bernard Looney will step away from the company after nearly four years in office, reported Reuters.
bp noted that Looney will leave the company for issues resulting from a failure to disclose personal relationships with colleagues.
After launching an investigation regarding allegations of personal relationships between the CEO and company colleagues, bp found that Looney disclosed, “a small number of historical relationships with colleagues prior to becoming CEO.”
Looney took control as CEO in July 2020 and made his presence known with ambitious plans to achieve net zero emissions by 2050. Looney also planned to invest billions in renewable and low-carbon power.
It is unclear if the company will maintain or change that strategy going forward.
With Looney’s departure, Murray Auchincloss, the company’s CFO, will take over on an interim basis, reported CNN.
