Murray Auchincloss, the company’s Chief Financial Officer, will step in as the interim CEO.
The decision comes following a May 2022 review by the Board into allegations, received from an anonymous source, concerning Mr Looney’s conduct in personal relationships with company colleagues.
While the initial review found no breaches of the company’s Code of Conduct, recent similar allegations prompted a fresh investigation, which is currently ongoing with the support of external legal counsel.
Mr Looney has informed the company that he recognises he was not fully transparent in his previous disclosures and acknowledges his responsibility to provide more comprehensive information.
bp said: “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.”
The announcement also notes that no decisions have been made regarding any remuneration payments to Mr Looney and any such decisions will be disclosed in due course.