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BP said in a news release Tuesday that it had investigated allegations from an anonymous source last year “relating to Mr. Looney’s conduct in respect of personal relationships with company colleagues.” Looney told investigators at the time that he’d had a “small number of historical relationships” with colleagues before becoming chief executive.
The board of directors, working with external lawyers, concluded that Looney had not breached the company’s code of conduct.
But additional allegations surfaced recently, prompting Looney to acknowledge that he had not been fully transparent last year. The current investigation is still ongoing, BP said.
Looney, who became CEO more than three years ago, has been a company executive since 2010.
The company’s stock closed down more than 1 percent following the news.
This is a developing story and will be updated.
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