BP plc announces that Bernard Looney has notified the Company that he has resigned as 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 Mr. Looney's conduct in respect of personal relationships with company colleagues.

The information came from an anonymous source. During that review, Mr. Looney disclosed a small number of historical relationships with colleagues prior to becoming CEO. No breach of the Company's Code of Conduct was found.

However, the Board sought and was given assurances by Mr. Looney regarding disclosure of past personal relationships, as well as his future behaviour. Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel. That process is ongoing.

Mr. Looney has informed the Company that he 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. The Company 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. BP WAS aware of Bernard Looney's relationships with colleagues before he became chief executive in 2020, it has emerged. Board members questioned Mr. Looney about the relationships in the autumn of 2019 during the recruitment process that led to his appointment.

That process was led by Helge Lund, BP's chairman. The revelation will raise questions about the board's judgment in appointing Mr. Looney and about the company's processes for appointing senior executives. It came as The Guardian reported that BP was now reviewing all personal relationships between sta, with a particular focus on senior leaders.

Mr. Looney, 53, was forced to resign this week after admitting he had misled the board about the extent of his relationships with colleagues. Mr. Auchincloss has been at BP for more than two decades and was a close ally of Mr. Looney. Mr. Auchincloss is also in a relationship with a colleague at BP.

The company has said the relationship was properly disclosed and does not breach any rules.