Company says he only disclosed ‘a small number of historical relationships prior to becoming CEO’
, who has spent his entire career with BP, is to depart the £88bn company immediately in a surprise move. On Tuesday night, the company informed investors that Looney “did not provide details of all relationships and accepts he was obliged to make more complete disclosure”.
Further allegations were recently made and an investigation, involving external legal counsel, is ongoing. BP said: “Mr Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures. Looney was raised on a dairy farm in Ireland and joined BP in 1991 aged 21, shortly after studying electrical engineering in Dublin. The 53-year-old would go on to hold roles in BP’s operations in the North Sea, Vietnam and Mexico, and took on its upstream division in 2016.
at the same time as announcing that annual profits more than doubled to $28bn in 2022 after a sharp increase in gas prices linked to the Ukraine war boosted its earnings.
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