The 53-year-old had served in the role for less than four years. He admitted not being 'fully transparent' about personal liaisons with staff, the energy giant said in a statement.
A spokesperson added:"The company has strong values and the board expects everyone at the company to behave in accordance with those values.
"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.BP's chief financial officer Murray Auchincloss will replace him as chief executive on an interim basis. Mr Looney took office in February 2020 with a vow to reinvent the 114-year-old company, including with plans for it to achieve zero net emissions by 2050.Mr Looney replaced Bob Dudley, who had steered BP through the aftermath of the Deepwater Horizon spill in 2010.
Edward Moya, a senior market analyst at OANDA, said:"This was unexpected and could raise doubts to BP's transition towards renewable energy. "BP share prices might not get rocked that hard as CFO Auchincloss appears poised to take over. Whoever becomes the permanent CEO will have a greater impact on what happens to BP's stock."The oil and gas giant reported net profits of just over $2.5bn and was down sharply on the same period last year, when it made $8.45bn .
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