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...The internal and external search to appoint a permanent replacement for Looney is making “good progress”, the document said....
...I think those days are over,” Looney said in a 2022 interview....
...Chief financial officer Murray Auchincloss, who has replaced Looney as interim chief, is also in a relationship with a BP employee, according to stock market disclosures made by the company....
...Russell will be replaced by Looney’s former chief of staff Emeka Emembolu. William Lin, who has been on the leadership team since 2020, will take on responsibility for gas and low-carbon energy....
...But no matter how charismatic a boss is, a board should remember that a fatal flaw may bring them down. In this case, it was Looney’s lack of frankness in disclosing past relationships with employees....
...William Sandlund Well, there’s a number of reasons....
...Auchincloss is also in a relationship with a BP colleague but, unlike Looney, it was properly disclosed at the time he became chief financial officer in 2020, BP has said previously....
...Astonishing headline figures often mask a bathetic reality, however. Consider Bernard Looney....
...The most recent allegations were made in September by a female BP whistleblower and identified further relationships that Looney had not previously disclosed....
...Looney’s strength was his ability to front up a shift to lower carbon energy sources while keeping investors on board....
...In 2022, prior to the clawbacks, Looney’s total pay packet had been worth a little over £10mn....
...Hakluyt, the corporate consultancy founded by ex-MI6 intelligence officers, is appointing former UK Conservative party leader Lord William Hague as chair of its international advisory board....
..., resiling from its commitments to a green transition....
...A BP spokesperson could not immediately comment. Looney did not respond to requests for comments. This is a developing story. Read more here...
...In a response to the Financial Times, BP said that appointments and promotions at the company follow “rigorous hiring and talent management processes” and that no employee, including the chief executive,...
...Quite a few people in the markets reckon this is a response to global inflation falling less quickly than hoped....
...India’s markets are closed for Rama Navami, a Hindu festival that celebrates the birth of Rama....
...The legislation, which declares Rwanda to be a safe country for asylum seekers despite a Supreme Court ruling that found otherwise last year, now returns to the House of Lords for the third time in a process...
...But is a safe pair of hands enough to narrow BP’s valuation gap to rivals that widened under Looney as he pushed the group into greener energy?...
...“[Looney] was a good ambassador for the company but lacking when you got down into the weeds,” a top-25 shareholder said....
...China’s President Xi Jinping met German Chancellor Olaf Scholz in Beijing on Tuesday, saying China’s exports were easing global inflation and the clean energy transition at a time of tension with the EU...
...The energy company conducted an internal and external search for a replacement for Looney, who quit in September for failing to disclose past relationships with company colleagues....
...Looney grew up on a dairy farm in the west of Ireland. As a leader he had sought to present a more approachable persona than some previous executives....
...return receive a set management fee....
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