Bernard Looney is out as CEO of BP after failing to fully disclose personal relationships with colleagues, the company said Tuesday.

"Mr. Looney has today informed the Company that he now accepts that he was not fully transparent in his previous disclosures," BP said in a press release. "He did not provide details of all relationships and accepts he was obligated to make more complete disclosure."

The release said BP's board received allegations in May 2022 from an anonymous source regarding Looney's behavior regarding personal relationships with others at the company, and that the CEO revealed a "small number" of past relationships with BP colleagues at the time.

"However, the Board sought and was given assurances by Mr. Looney regarding disclosure of past personal relationships, as well as his future behaviour," the release reads. "Further allegations of a similar nature were received recently, and the Company immediately began investigating with the support of external legal counsel. That process is ongoing."

This is a breaking story and will be updated.