BP has appointed Meg O'Neill as its new chief executive, making her the first woman to lead the oil giant and the first female boss of any of the world's top five oil companies. The historic appointment, announced on December 17, comes as BP pivots back to oil and gas profits under investor pressure for faster returns.
O'Neill will take over on April 1 from Murray Auchincloss, who is stepping down after less than two years in the role. The leadership change marks new chairman Albert Manifold's first major move since he joined in October. «Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders», Manifold said in a statement.
O'Neill has led Australia's Woodside Energy since 2021, where she engineered a $40 billion merger with BHP Group's petroleum arm. The deal created a top 10 global independent oil and gas producer and doubled Woodside's production. «Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for bp», Manifold said. Woodside shares fell almost 3% on news of her departure.
Leadership transition
Carol Howle, BP's executive vice president of supply, trading and shipping, will serve as interim chief executive until O'Neill officially takes over. Auchincloss will remain in an advisory capacity for up to a year to ensure a smooth handover. «After more than three decades with bp, now is the right time to hand the reins to a new leader», he said. «When Albert became chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of bp's strategy.»
Strategic shift
The appointment signals BP's renewed focus on traditional oil and gas after the company slashed billions from planned renewable energy initiatives earlier this year. The strategic pivot came after shareholders expressed frustration over the intensity of BP's turnaround and lagging performance compared to rivals. Auchincloss had taken over in 2023 after Bernard Looney resigned over undisclosed relationships with BP colleagues.
Manifold praised O'Neill's «relentless focus on business improvement and financial discipline», expressing confidence in her ability to «shape this great company for its next phase of growth and pursue significant strategic and financial opportunities». Michael Alfaro, chief investment officer at Gallo Partners, said the appointment signals BP wants to «pursue a firm-wide push in natural gas» rather than sell assets. «O'Neill is definitely respected, has a good track record of execution», he added.
Note: This article was created with Artificial Intelligence (AI).
