INSTANT VIEW-BP boss Looney resigns over personal relationships with colleagues

Whoever becomes the permanent CEO will have a greater impact on what happens to BP's stock." ALLEN GOOD, DIRECTOR AT MORNINGSTAR HOLLAND BV "While BP rolled back some of its energy transition strategy earlier this year, such as keeping oil production higher for longer, it largely kept with its plans.

British oil major BP's CEO Bernard Looney has stepped down after less than four years in office for failing to fully disclose details of past personal relationships with colleagues. STORY:

LINK: https://www.bp.com/en/global/corporate/news-and-insights/press-releases/bp-ceo-resigns.html COMMENTS

EDWARD MOYA, SENIOR MARKET ANALYST AT OANDA "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."

ALLEN GOOD, DIRECTOR AT MORNINGSTAR HOLLAND BV "While BP rolled back some of its energy transition strategy earlier this year, such as keeping oil production higher for longer, it largely kept with its plans. This stands in contrast to peer Shell, who pivoted more with a new CEO. So, depending on the new CEO, BP could theoretically roll back its transition plans further. But if the board likes the current direction, regardless of the lagging stock price, they will likely bring in someone who keeps BP on the same path."