• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

    May 9, 2025

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»BP CEO Looney Quits Over Past Relationships With Colleagues
Finance

BP CEO Looney Quits Over Past Relationships With Colleagues

September 12, 2023No Comments4 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
BP CEO Looney Quits Over Past Relationships With Colleagues
Share
Facebook Twitter LinkedIn Pinterest Email

(Bloomberg) — BP Plc Chief Executive Officer Bernard Looney has resigned effective immediately over the failure to fully disclose past relationships with colleagues.

Most Read from Bloomberg

The surprise development leaves the oil and gas giant leaderless at a crucial juncture, when it is trying to persuade investors to stick with it through a costly transition to low-carbon energy. It’s also another example of how the push for higher standards of personal behavior in the workplace, stemming from the Me Too movement, has reached the very top of the corporate world.

Looney, 53, will be replaced on a interim basis by Chief Financial Officer Murray Auchincloss, the company said in an emailed statement on Tuesday. BP didn’t name any potential successors, but has typically chosen CEOs from among the ranks of its own top executives.

BP said that its board reviewed allegations relating to Looney’s past personal relationships with colleagues in 2022, finding no breaches of the company’s code of conduct, according to the statement. Further allegations of a similar nature were received recently, after which Looney informed the company that he hadn’t been fully transparent with the previous investigation, the company said.

“He did not provide details of all relationships and accepts he was obligated to make more complete disclosure,” according to the statement. “The company has strong values and the board expects everyone at the company to behave in accordance with those values.”

BP American depositary receipts initially rose on the news, first reported by the Financial Times. They closed 1.3% lower in New York.

See also  MU, KMX, GME and more

Since taking the top job over three years ago, Looney has been the strongest advocate among the CEOs of the oil supermajors for a faster shift into low-carbon energy. Even after pulling back on some of the most ambitious aspirations for emissions reductions earlier this year, BP still has one of the more aggressive plans to cut oil production and expand in electric-car charging and renewable energy.

The news comes a month after the London-based company raised its dividend by 10% and said it would buy back another $1.5 billion of shares. Despite these efforts to woo investors, BP shares have lagged its peers since Looney became CEO.

US giants Exxon Mobil Corp. and Chevron Corp., which have stuck far more closely to their core oil and gas businesses than the European majors, have been more appealing to investors, especially since Russia’s invasion of Ukraine sent energy prices soaring.

Bill Fitzpatrick, who helps manage $2.3 billion including BP shares at Newtown Square, Pennsylvania-based Logan Capital Management, said Looney had put BP on the right track.

“He managed the company in a very shareholder-friendly manner, had a deep commitment to clean energy, strong emphasis on capital allocation,” Fitzpatrick said in an interview. “There was a lot to like.”

However, Looney clearly exercised poor judgment by not being more forthcoming to the board, Fitzpatrick said.

“Are these guys never going to learn? They think they can get away with it,” he said. “It amazes me every time.”

Born in 1970 and trained as an electrical engineer at University College Dublin, Looney is a BP lifer, working his way up through the chain of command from drilling engineer to chief of exploration before his elevation to CEO in 2020.

See also  'Probably Not Going to Work Out for You:' Amazon CEO Plays Bad Cop over Return to Office Mandate

His departure brings an end to the dominance within BP of a group of executives known as the “turtles.” These were assistants of former CEO John Browne, who wrote in his memoir of how they were named after the Teenage Mutant Ninja Turtles because of “their speed and ability to appear whenever they were needed.” Looney’s two predecessors in the top job, Tony Hayward and Bob Dudley, were both drawn from this group.

Looney’s abrupt exit hurts BP from a strategic standpoint, said Eric Talley, a Columbia Law School professor who studies the intersection of corporate law, governance and finance. In the end, he gave the board little choice.

“The one thing you need to be able to do is disclose truthfully when asked about potentially problematic situations,” Talley said in an interview. “Otherwise, it makes it untenable to go forward. The board has got to be able to trust the CEO.”

–With assistance from Anne Riley Moffat and Joe Carroll.

(Updates with comments from investor in 10th paragraph, corporate governance expert in final paragraph.)

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.

CEO colleagues Looney Quits relationships
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025

Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Mother of Crazy Town’s Shifty Shellshock’s Son Files Police Report After Bandmate Makes Death Threats Against Family

May 11, 2023

Memphis’ Dillon Brooks Ejected for Hitting LeBron James in the Groin

April 25, 2023

Can David Ortiz hit an inside the park home run in MLB The Show 23? MLB streamer took a 100 attempts to find out

July 22, 2023

Across the Spider-Verse’ Teams with Soros-Backed American Immigration Council

June 20, 2023
Don't Miss

How Smart Mattresses Improve Sleep Quality For Couples

Lifestyle May 9, 2025

Sharing a bed with your partner can be romantic… until it’s not. One of you…

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025

Trump Announces First Post-Tariff Trade Deal

May 8, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,111)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,628)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

The Johor-Singapore SEZ: 1963 Reimagined?

January 15, 2025

Who won Jeopardy! tonight? June 2, 2023, Friday

June 3, 2023

Bond yields ease, stocks near flat ahead of Fed minutes

October 11, 2023
Popular Posts

How Smart Mattresses Improve Sleep Quality For Couples

May 9, 2025

OpenAI CEO Warns: ‘Not A Huge Amount Of Time’ Until China Overpowers American AI

May 9, 2025

Short and Funny Sayings for a Happy Summer with Friends

May 9, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.