Bernard Looney became the latest corporate leader to stand down over personal conduct concerns after a review into his past relationships with company employees.
BP conducted an internal review last year after receiving allegations about personal relationships between Looney and other company employees.
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 previous disclosures,” BP said.“The company has strong values and the board expects everyone at the company to behave in accordance with those values,” BP said. “All leaders in particular are expected to act as role models and to exercise good judgment in a way that earns the trust of others.
Looney led the company through the coronavirus pandemic and Russia’s invasion of Ukraine, both of which caused disruption for energy markets. The war, however, also drove energy companies’ profits to record highs as oil and natural gas prices soared, drawing outcry as a cost-of-living crisis driven by high energy bills squeezed consumers.
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