REG - BP PLC - Directorate Change

BPAnnouncement

13/09/2023 07:00

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RNS Number : 2288M  BP PLC  12 September 2023

press release

 

12 September 2023

 

BP CEO Resigns

 

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 today 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.

 

No decisions have yet been made in respect of any remuneration payments to be
made to Mr Looney.  In accordance with section 430(2B) of the Companies Act
2006, particulars of any such decisions will be disclosed at such times as,
and to the extent that, any such decisions are made.

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 of 16 April 2014 (MAR) as it forms
part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

 

 

Further information:

bp press office, London - +44 (0)7831 095541, bppress@bp.com

 

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