2023-09-13 17:59:00
Less than four years following his appointment
Dubai – Al Arabiya.net
Published on: September 13, 2023: 09:59 PM GST Last updated: September 13, 2023: 10:30 PM GST
The Board of Directors of British Petroleum dismissed the company’s CEO, Bernard Looney, less than four years following his appointment, due to his failure to disclose previous personal relationships within the company.
The Group Chief Financial Officer has been appointed to replace the CEO on an interim basis.
One of the most prominent reactions to the dismissal of BP’s CEO was what Edward Moya, a market analyst at OANDA, said: “The step was not expected and will raise doubts regarding the company’s shift toward renewable energy.”
“BP’s CEO stepping down will result in a delay to the company’s energy transition plans,” said Allen Goode of MORNINGSTAR HOLLAND BV.
“Looney stepping down will have a negative impact on the company’s stock in the near term but might be positive in the long term,” said MICHAEL SCHULMAN, of RUNNING POINT CAPITAL ADVISORS.
SOPHIE LUND-YATES, of HARGREAVES LANSDOWN, said that the former BP CEO led a hardline approach to the green transition of energy, and finding a suitable alternative that convinces the markets of this approach will be difficult.
BIRAJ BORKHATARIA, from RBC CAPITAL MARKETS, said: “BP’s resignation is definitely a step backwards in terms of the company’s future plans. The focus will be on core value growth in the business.”
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