Bernard Looney steps down as the Chief Executive of BP plc

Bernard Looney just stepped down as the head of BP plc (LON: BP). Shares of the energy giant are trending down this afternoon.

Why did Bernard Looney resign today?

His resignation follows recent allegations of personal relationships with colleagues that he was required to but failed to disclose fully. According to BP:

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

Looney took the helm at the start of the pandemic and was tasked with turning the oil and gas behemoth into an integrated energy company.

Last month, BP plc said lower commodity prices resulted in a big hit to its profit in the second quarter as Invezz reported here.

BP names Murray Auchincloss its interim CEO

BP has already named Murray Auchincloss its new Chief Executive for the interim, as per the press release on Tuesday that also reads:

No decisions have yet been made in respect of any remuneration payments to be made to Mr Looney.

Auchincloss has been with the British multinational as its Finance Chief since July of 2020. Shares of BP plc are now down about 9.0% versus their year-to-date high in mid-February.

Earlier this year, the London-listed firm faced backlash from activists after revealing plans of spending another $8.0 billion on oil and gas by the end of this decade in the name of energy security.

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