The executive informed the oil giant he had not been “fully transparent” about personal relationships with colleagues.
Bernard Looney, Chief Executive Officer of BP sits at a round table event attended by Britain's Prime Minister Rishi Sunak, during his visit to Washington, Thursday June 8, 2023.
Looney, who spent his entire career at the company and had been at the helm for less than four years, was investigated by BP’s board in May 2022 for his “conduct in respect of personal relationships with company colleagues.” That investigation concluded that the relationships predated Looney’s elevation to CEO, and found no violations of BP’s code of conduct, according to the company.
The shake-up comes as BP was already in a state of uneasy transition, having recently scaled back some of its ambitious goals for moving away from fossil fuels at a time when oil profits have soared. Looney’s pay also doubled during that blockbuster year for the oil company, with him earning $12 million. The company said Tuesday that “no decisions have yet been made in respect of any remuneration payments to be made to Mr. Looney” as he exits the firm.
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