BP CEO Bernard Looney resigned from his position on Tuesday with immediate effect. The reason for the resignation is that Looney has not fully informed the board of the oil giant about previous relationships he has had with employees in the group, Bloomberg News reports.

Last year, the oil company’s board investigated allegations that Looney had had personal relationships with company employees, but at the time no violation of the company’s internal rules was found.

Recently, however, new allegations of the same nature have emerged, and the now former CEO acknowledged that he had not been sufficiently transparent in last year’s investigation.

”He did not provide details of all relationships and he accepts that he was obliged to provide more complete information,” BP says in a statement.

The oil company’s day-to-day management is temporarily taken over by CFO Murray Auchincloss.

BP’s US listing fell by 1.2% on Tuesday.

(Translated using DeepL with additional editing by Kristoffer Grønbæk)