BP BP Chief Executive Bernard Looney has resigned due to insufficient disclosures of past personal relationships with colleagues, according to a report from the Financial Times. The FT reported that BP said Looney told the oil major that “he was not fully transparent in his previous disclosures. He did not provide details of all relationships and accepts he was obligated to make more complete disclosure.” The oil company did not immediately respond to a request for comment. Murray Auchincloss, BP’s chief financial officer, will replace Looney “on an interim basis,” BP said, according to the Financial Times. Shares of BP were down 0.8% on Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.