(MENAFN- Live Mint) "Global energy giant BP has said that its CEO Bernard Looney has stepped down after failing to fully disclose details of past personal relationships with colleagues. As per the company's statement, Chief Financial Officer Murray Auchincloss will be the CEO on an interim basis.The company conducted an internal review last year after receiving allegations about personal relationships between Looney and other company employees. During that review, Looney disclosed a“small number” of relationships that occurred before he became CEO in February 2020, and the oil and gas giant found that there had been no breach of company rules, BP said in a statement.The company said it recently began a second investigation after receiving more allegations of a similar nature. Looney resigned after accepting that“he was not fully transparent in his previdisclosures,” BP said.As per the company,“It 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.”It further added,“No decisions have yet been made in respect of any remuneration payments to be made to Mr Looney. In accordance with section 430(2B) of the Companies Act 2006, particulars of any such decisions will be disclosed at such times as, and to the extent that, any such decisions are made.”It added,“Mr Looney has today informed the Company that he now accepts that he was not fully transparent in his previdisclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”As per Associated Press report, Looney received 10.03 million pounds ($12.5 million) in salary, bonuses and other benefits in 2022 more than doubling his pay package from the year before.Speaking of his career, in 1991 he joined BP as an engineer and since then, he spent his entire career at the company. After rising to head oil and gas production, he took over from former CEO Bob Dudley at the beginning of 2020.The AP report also said that Looney had led the company through the Covid pandemic and Russia's invasion of Ukraine, both of which caused disruption in energy markets.
There have been speculations as who will be new boss. A report by Bloomberg has stated that BP's Chief Financial Officer, Murray Auchincloss, Norwegian Helge Lund, William Lin, Anja-Isabel Dotzenrath, Gordon Birrell, Tufan Erginbilgi or Varo Energy BV's boss Dev Sanyal are some of the potential candidates for the role.Meanwhile, the personal conduct of top executives has come under increasing scanner since allegations of sexual abuse leveled against disgraced movie producer Harvey Weinstein triggered the“Me Too” movement in 2017.Former Barclays CEO Jess Staley was ousted in 2021 amid concerns about his ties to the late sex offender Jeffrey Epstein. Jeff Shell, CEO ofmedia company NBCUniversal stepped down this year after admitting to an inappropriate relationship with a woman in the company.(With inputs from Associated Press)
MENAFN14092023007365015876ID1107070467
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.