The head of oil giant BP has resigned as chief executive amid a review of his personal relationships with colleagues.
In a shock late evening announcement, the firm said Bernard Looney, who had led the company since 2020, was stepping down with immediate effect.
BP said it had recently started an investigation into alleged relationships Mr Looney had with colleagues, the second in two years.
The firm said he had admitted he was not “fully transparent” initially.
“The company has strong values and the board expects everyone at the company to behave in accordance with those values,” a spokesman said.
“All leaders in particular are expected to act as role models and to exercise good judgement in a way that earns the trust of others.”
Nick Butler, a former head of strategy at BP, told the BBC’s Today programme that there was “shock” about Mr Looney’s exit.
“BP is a company where the leadership is crucial and Bernard provided a lot of that. We’ll have to see if his successor can achieve even more than he did,” he added.
The company’s shareholders will now be watching for who is appointed as BP’s next chief executive, Sophie Lund-Yates from investment firm Hargreaves Lansdown said in a note.
“A clear path forward needs to be forged sooner rather than later to limit negative sentiment,” she said.
Born in Ireland and raised on a farm, Mr Looney had spent his career at BP, which he joined in 1991 as a drilling engineer. He became a member of its executive team in 2010.