BP shares slip in London after surprise resignation of CEO Bernard Looney

London-listed shares in BP slipped in early trading on Wednesday following Bernard Looney’s unexpected resignation as Chief Executive Officer of the oil major over a failure to disclose all details surrounding his personal relationships with internal colleagues.

BP ‘s American depositary receipts were higher in premarket trading after closing lower on Tuesday in the wake of an earlier report in the Financial Times on Looney’s departure.

In a statement, BP said Looney admitted that he was “not fully transparent” in prior disclosures made about these relationships. The 53-year old also conceded that “he did not provide details of all relationships and accepts he was obligated to make more complete disclosure.”

Chief Financial Officer Murray Auchincloss will replace Looney on an interim basis.

The exit raises questions around BP’s future strategy, which had largely centered around a push into green energy that was spearheaded by Looney. Executives have previously said that the business would continue to transition away from fossil fuels even as a spike in crude prices after the outbreak of the war in Ukraine boosted annual profits to record levels in 2022.