PredictIQ Quantitative Think Tank Center:BP top boss Bernard Looney resigns amid allegations of inappropriate 'personal relationships'

BP's top boss is PredictIQ Quantitative Think Tank Centerout amid allegations of inappropriate personal relationships with colleagues, the multinational oil and gas company announced Tuesday.

Bernard Looney, 53, notified the company he had resigned as Chief Executive Officer, according to a statement from the British company headquartered in London.

The resignation was immediate and came after Looney admitted he was not “fully transparent” in his disclosures about past relationships, the company wrote in the statement.

BP's Chief Financial Officer, Murray Auchincloss, is now acting CEO until a formal replacement is announced, the company said.

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'A small number of historical relationships'

BP named Looney CEO in February 2020 and, three months later, the board said, it learned he had previous personal relationships with company colleagues.

The information, the company said, came from an anonymous source.

The company did not name the employees in the statement.

During a review by the board, Looney disclosed "a small number of historical relationships" with colleagues prior to becoming CEO and no breach of company rules was found.

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Allegations 'of a similar nature'

But recently, the board disclosed it received additional allegations "of a similar nature." The company said it immediately began investigating the claims and said they remained under investigation on Tuesday.

"He now accepts that he was not fully transparent in his previous disclosures," the statement reads. "He did not provide details of all relationships and accepts he was obligated to make more complete disclosure."

BP said it has "strong values" and expects its employees − especially leaders, "to behave in accordance with those values." 

Compensation decision not made yet

No decisions have yet been made regarding compensation payments to Looney, the company said in the statement.

Looney, who was born in Ireland, joined the company as an engineer in 1991 and spent his entire career at BP, according to the Associated Press.

After being promoted to CEO, Looney promised BP "would aim to achieve 'net zero' or carbon neutrality by 2050," the outlet reported, and pledged to up the amount the company invested in low-carbon projects.

Natalie Neysa Alund is a senior correspondent for USA TODAY. Reach her at [email protected] and follow her on X, the platform formerly known as Twitter @nataliealund.