Another CEO Bites the Dust

The former CEO of BP, Bernard Looney, resigned unexpectedly from his position at the company.  There had been some allegations that Mr. Looney had been involved in inappropriate relationships with colleagues.  The BP board reviewed the allegations and concluded that there were no violations of the BP code of ethics.  Mr. Looney could stay aboard.

However, following that finding, additional allegations emerged.  The board then released a statement, “Mr. Looney has today informed the company that he now accepts that he was not fully transparent in his previous disclosures.” Effective immediately, Mr. Looney was gone. Do you just love that Mr. Looney did not say that he in fact had those relationships.? His only admission was that he accepts the board’s definition of transparency about the relationships.  The technical term for what Mr. Looney has done following his non-admission admission is weasel.

How many times must we live through these lessons?  When it comes to office relationships, two words should do it, “Stop that!”  And another piece of advice:  Don’t try to hide those relationships, don’t lie about those relationships, don’t resort to analysis of the code of ethics to see if you violated the terms of your contract, and don’t apologize for the lack of transparency.  These relationships of CFOs are wrong, wrong, wrong, wrong.  Lying about them is crazy  No, No– lying about them is actually [L]ooney.  Jenny Strasburg, “BP Chief Quits Over His Past Relationships with Staff,” Wall Street Journal, September 13, 2023

About mmjdiary

Professor Marianne Jennings is an emeritus professor of legal and ethical studies from the W.P. Carey School of Business at Arizona State University, retiring in 2011 after 35 years of teaching undergraduate and graduate courses in ethics and the legal environment of business. During her tenure at ASU, she served as director of the Joan and David Lincoln Center for Applied Ethics from 1995-1999. In 2006, she was appointed faculty director for the W.P. Carey Executive MBA Program. She has done consulting work for businesses and professional groups including AICPA, Boeing, Dial Corporation, Edward Jones, Mattel, Motorola, CFA Institute, Southern California Edison, the Institute of Internal Auditors, AIMR, DuPont, AES, Blue Cross Blue Shield, Motorola, Hy-Vee Foods, IBM, Bell Helicopter, Amgen, Raytheon, and VIAD. The sixth edition of her textbook, Case Studies in Business Ethics, was published in February 2011. The ninth edition of her textbook, Business: lts Legal, Ethical and Global Environment was published in January 2011. The 23rd edition of her book, Business Law: Principles and Cases, will be published in January 2013. The tenth edition of her book, Real Estate Law, will also be published in January 2013. Her book, A Business Tale: A Story of Ethics, Choices, Success, and a Very Large Rabbit, a fable about business ethics, was chosen by Library Journal in 2004 as its business book of the year. A Business Tale was also a finalist for two other literary awards for 2004. In 2000 her book on corporate governance was published by the New York Times MBA Pocket Series. Her book on long-term success, Building a Business Through Good Times and Bad: Lessons from Fifteen Companies, Each With a Century of Dividends, was published in October 2002 and has been used by Booz, Allen, Hamilton for its work on business longevity. Her latest book, The Seven Signs of Ethical Collapse was published by St. Martin’s Press in July 2006 and has been a finalist for two book awards. Her weekly columns are syndicated around the country, and her work has appeared in the Wall Street Journal, the Chicago Tribune, the New York Times, Washington Post, and the Reader's Digest. A collection of her essays, Nobody Fixes Real Carrot Sticks Anymore, first published in 1994 is still being published. She has been a commentator on business issues on All Things Considered for National Public Radio. She has served on four boards of directors, including Arizona Public Service (1987-2000), Zealous Capital Corporation, and the Center for Children with Chronic Illness and Disability at the University of Minnesota. She was appointed to the board of advisors for the Institute of Nuclear Power Operators in 2004 and served on the board of trustees for Think Arizona, a public policy think tank. She has appeared on CNBC, CBS This Morning, the Today Show, and CBS Evening News. In 2010 she was named one of the Top 100 Thought Leaders in Business Ethics by Trust Across America. Her books have been translated into four different languages. She received the British Emerald award for authoring one of their top 50 articles in management publications, chosen from over 15,000 articles. Personal: Married since 1976 to Terry H. Jennings, Maricopa County Attorney’s Office Deputy County Attorney; five children: Sarah, Sam, and John, and the late Claire and Hannah Jennings.
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