(Dec 18): BP plc chief executive officer Murray Auchincloss is stepping down after less than two years at the helm. The British oil major, which has struggled to revive its fortunes after an ill-fated strategic pivot towards renewable energy, has appointed its first female head.
Meg O’Neill, the boss of Australian energy company Woodside Energy Ltd, will take over as the CEO of BP starting in April, the London-listed company said on Wednesday. Carol Howle will serve as the interim CEO.
The management shake-up comes as BP lags behind its rivals due to a combination of corporate disasters, war, lacklustre returns from its greener efforts and some bad luck. The company’s turnaround effort, which focuses on oil and gas, risks being blown off course as crude prices slump to the lowest level since 2021.
Since becoming the CEO of Woodside in 2021, O’Neill helped expand its liquefied natural gas business outside of Australia. O’Neill, who also spent over two decades at Exxon Mobil Corp, has been a big proponent of using gas as a transition fuel to reduce global coal demand and cut emissions.
BP has been under pressure from activist investor Elliott Investment Management to improve its performance, after Auchincloss reset the company’s strategy in February by promising to refocus on oil and gas. The plan features portfolio divestments to reduce debt and improve the balance sheet, but the company has so far announced only small asset sales.
“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,” BP chair Albert Manifold said.
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Liz Westcott will be the acting CEO of Woodside, the Australian producer said in a separate statement.
Uploaded by Isabelle Francis
