BP has appointed Meg O’Neill, currently chief executive of Australia’s Woodside Energy, to become its next CEO, succeeding Murray Auchincloss, who is leaving the role after less than two years and will stay on as an adviser through 2026. O’Neill, a Colorado-born former Exxon Mobil executive, will be the first woman to lead one of the large integrated oil and gas “supermajors,” marking a milestone for gender representation in the sector. The move follows a period in which BP reversed parts of its earlier push into renewables, refocused on fossil fuels, and came under pressure from activist investor Elliott Investment Management after lagging rivals and even being floated as a possible takeover target by Shell. BP’s board and new chair Albert Manifold opted for an external leader known fo...
BP has appointed Meg O’Neill, currently chief executive of Australia’s Woodside Energy, to become its next CEO, succeeding Murray Auchincloss, who is leaving the role after less than two years and will stay on as an adviser through 2026. O’Neill, a Colorado-born former Exxon Mobil executive, will be the first woman to lead one of the large integrated oil and gas “supermajors,” marking a milestone for gender representation in the sector. The move follows a period in which BP reversed parts of its earlier push into renewables, refocused on fossil fuels, and came under pressure from activist investor Elliott Investment Management after lagging rivals and even being floated as a possible takeover target by Shell. BP’s board and new chair Albert Manifold opted for an external leader known for growing Woodside into a larger global natural gas player, betting that she can simplify BP’s sprawling portfolio, repair performance, and steady the company’s long-term strategy.
Highlights:
- Leadership transition: Murray Auchincloss, who became CEO in late 2023 after Bernard Looney’s resignation, exits the top job immediately but will advise BP until the end of 2026, giving O’Neill continuity support during her early tenure.
- Start date: O’Neill is scheduled to formally take over as BP’s chief executive on April 1, giving several months for succession planning and regulatory steps while she transitions from Woodside Energy.
- Activist pressure: Elliott Investment Management built a stake of nearly 5% in BP earlier this year, criticizing its performance and sharpening scrutiny of management and strategy, which formed part of the backdrop to the leadership change.
- Strategic reset: Under Auchincloss, BP undertook a "hard reset" that cut costs, dialed back some renewable energy ambitions, and doubled down on traditional oil and gas projects after its earlier green pivot struggled to deliver returns.
- O’Neill’s track record: At Woodside, O’Neill oversaw expansion into the US and a major liquefied natural gas growth push, positioning the Australian company as a larger global exporter of natural gas before accepting BP’s offer.
When Albert became chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of BP’s strategy. - Murray Auchincloss
Perspectives:
- BP board and leadership: BP’s directors have framed O’Neill’s appointment as bringing in an experienced international oil and gas executive who can streamline the group’s complex portfolio and improve long-term returns after a difficult strategic pivot period. (ft.com)
- Murray Auchincloss: Auchincloss has presented his departure as a cooperative handover, saying he had told new chair Albert Manifold he was ready to step aside if the board found a leader who could speed up delivery of BP’s existing strategy. (fortune.com)
- Activist investors (Elliott Investment Management): Elliott’s accumulation of nearly 5% of BP and criticism of its underperformance signaled dissatisfaction with the pace and clarity of strategy execution, indirectly increasing pressure on the board to rethink leadership. (fortune.com)
- Climate campaigners: Environmental groups in Australia had previously clashed with O’Neill over Woodside’s fossil fuel expansion plans, suggesting her arrival at BP will likely draw close scrutiny of how the company balances hydrocarbons growth with its climate commitments. (ft.com)
Sources:
- How BP’s New Boss Became the Most Powerful Woman in Fossil Fuels - bloomberg.com
- BP Appoints First Female CEO In 116-Year History As Auchincloss Steps Down In Less Than Two Years - benzinga.com
- BP Names New Boss After Its C.E.O. Steps Down - nytimes.com
- BP replaces CEO Murray Auchincloss after less than two years - ft.com
- BP names new boss as current CEO leaves after less than two years - bbc.com
- Embattled BP replaces CEO, naming Woodside Energy chief as first-ever woman leader of a Big Oil giant - fortune.com
- BP CEO quits after less than two years. A former Exxon exec who ran Australia’s largest oil company will take over. - marketwatch.com
- BP appoints Woodside's Meg O'Neill as CEO after Auchincloss' abrupt exit - Reuters - google.com
- BP names Meg O’Neill as new CEO after incumbent ousted - theguardian.com