The CEO of British energy giant BP has resigned with immediate effect, after it came to light he had failed to fully disclose past relationships he had with co-workers, according to a statement the energy company released Wednesday evening.

Chief Financial Officer Murray Auchincloss will replace Looney on an interim basis, according to the firm.

Following its receipt of allegations regarding possible past personal relationships between Looney and other employees, the British oil and gas major began an internal review last year.  The CEO disclosed a “small number” of intimate affairs which had occurred prior to his rising to chief executive in February of 2020, and the investigation discovered no breach of company rules.

The company said a second investigation was begun recently into Looney’s alleged relationships with colleagues. When confronted, the company said the BP chief admitted that in his initial accounts, he had not been “fully transparent” with the investigators.

BP said, “He did not provide details of all relationships and accepts he was obligated to make a more complete disclosure. The company has strong values and the board expects everyone at the company to behave in accordance with those values.”

The CEO’s resignation comes at a time when the firm is seeking to convince investors to stay with the energy giant as it undergoes a transition to low-carbon energy. Looney had been a strong advocate of seeing the company shift away from fossil fuels, and focus more on clean energy.

However he was also pushing to increase BP’s investment in new oil and gas resources to help fund the company’s transition to cleaner forms of energy.

He had said that a reduction in supply, “without also reducing demand inevitably leads to price spikes,” and those “price spikes lead to economic volatility.” He added that in that event, “there’s a risk that volatility will undermine popular support for the transition.”