BP's CEO Abruptly Resigns

Less than four years into his time as CEO of British oil and gas giant BP, Bernard Looney is out. Looney resigned, effective immediately, in what the Guardian calls a "surprise move" Tuesday night. The energy company told investors Looney, who had been with the firm since he was 21 years old in 1991, failed to abide by the company's code of conduct when he did not fully disclose past relationships he'd had with colleagues. The company says Looney acknowledged he had not been "fully transparent" amid an ongoing review of his relationships, the second one BP has undertaken in two years, the BBC reports.

The first review came last year after an anonymous tip, and during that probe, the company says, Looney revealed "a small number of historical relationships with colleagues prior to becoming CEO" that the board did not consider a breach of the code of conduct. But after more allegations were made recently, the second investigation was launched, and Looney on Tuesday "informed the company that he now accepts that he was not fully transparent in his previous disclosures," investors were told. He "did not provide details of all relationships and accepts he was obliged to make more complete disclosure." Chief Financial Officer Murray Auchincloss will act as interim CEO. (More BP stories.)