BP CEO Looney steps down

Bernard Looney, CEO of BP, has abruptly resigned after it emerged he had failed to fully disclose previous relationships with colleagues.

Looney has been instrumental in the transition of BP from an oil major to a renewable energy company, albeit at a slow pace, as he balanced the costs with pressure to shift investment in a race to net-zero.

Looney, had been steadfast in support for the transition, however, saying that renewables were the future, and carrying out multiple acquisitions of green companies. In 2021 he said: "Offshore wind is integral to delivering the UK’s green industrial revolution. Building on the UK’s strengths, the Government’s 10-point plan aims to produce enough offshore wind to power every UK home, quadrupling output to 40GW by 2030 – and BP is delighted to play a part in this."

Looney will be replaced by Murray Auchincloss, chief financial officer, on an interim basis. The stance of the new CEO will be a matter for considerable concern amongst environmentalists.

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