The shock resignation of one of the UK’s most influential captains of industry was the main talking point on London’s stock market today, as the FTSE 100 held steady overall.
Shares in BP took a hit after the sudden departure of its CEO grabbed the headlines. The UK’s fifth most valuable company said Bernard Looney would leave the £10 million-a-year job with immediate effect after he “was not fully transparent” over “personal relationships with company colleagues”.
Looney was in charge for under four years, having spent his entire career at BP. He was at the helm when it reported record annual earnings of £23 billion for 2022, after Vladimir Putin’s invasion of Ukraine sent oil and gas prices soaring.
BP’s stock headed in the other direction today, falling more than 6p to 516p, a drop of 1.2%, despite rising oil prices on commodities markets.
Meanwhile insurer Aviva announced the $1 billion (£800 million) sale of its Singlife joint venture to Sumitomo Life of Japan
The move will help the insurer simplify its business and focus on the UK, Ireland and Canada. Aviva’s shares rose 7p to 383p.
Overall, the FTSE 100 slipped slightly this morning amid weak GDP numbers.
In the US, inflation ticked slightly up, while UK chip maker Arm’s IPO is set to begin.
