BP CEO Bernard Looney resigns after not being ‘fully transparent’ on prior relationships

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Bernard Looney, CEO of BP, speaks during the 2023 CERAWeek by S&P Global conference in Houston, March 7, 2023.
F. Carter Smith | Bloomberg | Getty Images

The chief executive of energy giant BP is set to resign after less than four years on the job, the Financial Times reported Tuesday, citing two people with knowledge of the decision.

Bernard Looney took over as CEO of BP in 2020 after previously leading the company’s Upstream group. When the move was announced, board chair Helge Lund praised Looney as the right choice to lead BP into an era of energy transition.

U.S.-traded shares of BP were up more than 2% Tuesday afternoon, having added to their existing gains after the Financial Times report.

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How shares of BP reacted to a report that CEO Bernard Looney resigned.

Looney took over the role near the beginning of the Covid-19 pandemic, which led to a sharp sell-off for energy stocks, including BP. The U.S.-traded shares of the company are roughly flat since January 2020.

The company did not immediately respond to CNBC’s request for comment.

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