The CEO of BP is resigning less than four years into the job. The 53-year-old is stepping down after spending his entire career with the energy giant.
Looney suddenly found himself offside of the prevailing thinking in oil and gas as he pledged to reduce output and invest in clean energy. Those plans of have since been scaled down amidst pushback to Looney and I get the sense that push might have shoved him right out the door.
Shares of the company are choppy on the FT report:
Update: The FT reports that his departure was due to 'past personal relationships with colleagues'. Shares of the company have fallen since the disclosure and are flat on the day despite a 1.7% rally in oil prices.