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Don’t let the door hit you on the way out.
That might be the message from shareholders after BP
BP,
BP,
CEO Bernard Looney resigned, after agreeing he did not properly disclose to the board the number of past relationships he had with colleagues before becoming CEO.
Analysts at Alphavalue posted this chart, showing BP’s paltry shareholder returns compared to the other integrated oil majors like Exxon Mobil
XOM,
and TotalEnergies
TTE,
Looney was named BP CEO in February 2020, and under his tenure he backtracked on BP’s ambitions to reduce its reliance on fossil fuels.
They also wonder about BP’s governance, noting Looney is the third BP chief executive to resign suddenly. “The way the three resignations were handled should raise questions about the disciplined and measured governance at BP. Such C-suite matters and succession plans are prepared over long periods at Big Oil companies. Nothing is left to the whims of fate and the market does not usually see premature departures,” they said.
BP on an interim basis is being led by its chief financial officer, Murray Auchincloss. Alphavalue points to upstream e.v.p. Gordon Birrell and the head of its trading arm, Carol Howle, as potential replacements from inside BP.
