BP names Meg O’Neill as new CEO after incumbent ousted
Baku, December 18, AZERTAC
BP’s board has appointed its first female chief executive in a move to revive the oil company’s fortunes, after ousting Murray Auchincloss less than two years into his role, according to Guardian.
In an unexpected leadership shake-up, Auchincloss will step down as chief executive with immediate effect, but remain in an advisory role until the end of next year.
Auchincloss will be succeeded by Meg O’Neill, a former ExxonMobil executive and the head of the Australian oil company Woodside Energy. Carol Howle, BP’s head of trading, will run the firm until O’Neill takes up the top job in April.
Woodside CEO Meg O'Neill at the Australian Energy Producers Conference in Brisbane on Tuesday
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The incoming oil boss will be BP’s first female chief executive in its 116-year history, and the first woman to head any of the world’s top five oil companies. Her appointment also marks the first time BP has hired an outsider for the top job.
The surprise appointment of BP’s third chief executive in five years emerged just weeks after BP appointed Albert Manifold to chair the board. Manifold replaced Helge Lund who presided over the oil company’s failed attempt to adopt a green energy agenda.
The shake-up will be taken as a sign that the British oil firm is seeking a renewed push to improve its business, with its shares and earnings lagging behind competitors such as ExxonMobil and Shell for years as it pursued green energy projects at the expense of growing its oil and gas production.
BP’s green strategy was set by its previous boss, Bernard Looney, who was appointed by Lund in 2020 to transform the business into an integrated energy company. However, the transition was undermined by a rise in global oil and gas prices, as well as the shock departure of Looney in 2023.
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