Oil Giant BP's CEO Resigns Amid Investigation On Personal Conduct

BP Plc BP said Bernard Looney has resigned as its Chief Executive Officer with immediate effect. 

Murray Auchincloss, the company's CFO, will act as CEO on an interim basis. 

In May 2022, the Board received and reviewed allegations, with the support of external legal counsel, relating to Looney's conduct concerning personal relationships with company colleagues. No breach of the company's code of conduct was found then.

However, further allegations of a similar nature were received recently, on which an investigation is ongoing.

Also Read: BP Unveils UK's Largest Public EV Charging Hub: A Green Game-Changer At NEC Campus

On the recent complaints, Looney accepted that he was not fully transparent in his previous disclosures and that he did not provide details of all relationships.

The company said no decisions have yet been made in respect of any remuneration payments to be made to Looney. 

In another development, BP plans to invest up to $10.7 billion by the end of the decade in renewables, low-carbon fuels and EV charging in Germany, reported Reuters.

The report added that the company aims to spend $55 billion to $65 billion from 2023 to 2030, equivalent to its oil and gas investment in its new transition businesses.

Price Action: BP shares are trading higher by 1.71% at $38.75 in premarket on the last check Wednesday.