BP has appointed Meg O’Neill as its new chief executive, making her the first female leader in any of the world's top five major oil companies. Her appointment, effective from April 1, is aimed at helping BP refocus on oil and gas after a move into renewables.
She replaces Murray Auchincloss, who has stepped down from his role as the chief executive and board director. He will serve in an advisory role until December 2026.
Carol Howle, current executive vice president for supply, trading and shipping, will serve as interim chief executive.
Ms O’Neill, currently chief executive of Australia-based Woodside Energy, previously spent more than two decades at Exxon Mobil.
The move marks the second chief executive change in just over two years at BP as it seeks to boost business after its shares and earnings lagged behind competitors like Exxon Mobil and Shell in recent years.
The company embarked on a major strategy shift earlier this year, slashing billions in planned renewable energy initiatives and shifting its focus back to traditional oil and gas. BP has pledged to divest $20 billion in assets by 2027 and reduce debt and costs.
“Following a comprehensive succession planning process, the board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company,” chairman Albert Manifold said.
“Progress has been made in recent years, but increased rigour and diligence are required to make the necessary transformative changes to maximise value for our shareholders.”
When Mr Manifold took up his post in October, he faced pressure from activist investor Elliott Investment Management, one of BP's largest shareholders, which called for him to urgently address the company's shortcomings and put in place “decisive and effective leadership”.
Mr Auchincloss took over the top role last year, taking over from Bernard Looney, who was fired for lying about personal relationships with colleagues.
In January this year, BP said it would cut 4,700 jobs and 3,000 contractor roles to fulfil its plan to save $2 billion by the end of 2026. The jobs represent about 5 per cent of the energy company's global workforce.
BP plays a “critical role in delivering energy to customers around the world”, said Ms O’Neill.
“With an extraordinary portfolio of assets, BP has significant potential to re-establish market leadership and grow shareholder value.”
With inputs from Reuters
