In a landmark move for the global energy industry, BP has announced the appointment of Meg O'Neill as its new chief executive, marking the first time a woman will lead the FTSE 100 oil giant.
A Sudden Leadership Change
The company confirmed that current boss Murray Auchincloss is stepping down after less than two years in the role. His departure follows the recent appointment of Albert Manifold as BP's new chairman in July. Auchincloss will remain with the group in an advisory capacity until December 2025 to ensure a smooth transition.
Carol Howle, BP's current executive vice president of supply, trading and shipping, will serve as interim chief executive. Meg O'Neill will formally take the helm on 1 April, moving from her role as chief executive of Australian firm Woodside Energy.
Historic Appointment for the Oil Sector
O'Neill's appointment is historic on multiple fronts. She becomes BP's first female chief executive and the first outsider ever appointed to the post. Furthermore, she is now the first woman to lead any of the world's top five oil companies.
The American executive brings a wealth of experience, having led Woodside Energy since April 2021. She joined the Australian company in 2018 and held several senior positions before her promotion. Prior to that, O'Neill spent 23 years at ExxonMobil, beginning her career in Houston, Texas. At Woodside, she oversaw the major acquisition of BHP Petroleum International in 2022.
Driving a Strategic Shift Towards Profitability
The leadership change comes at a critical time for BP. Shareholders have expressed growing frustration as the company's share price and earnings have lagged behind its rivals. Chairman Albert Manifold stated that O'Neill's appointment followed a comprehensive succession planning process and is intended to accelerate BP's strategic vision.
"The board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company," Manifold said. He emphasised that while progress has been made, "increased rigor and diligence are required" to implement transformative changes and maximise shareholder value.
Manifold praised O'Neill's "proven track record of driving transformation, growth, and disciplined capital allocation," expressing high confidence in her ability to lead BP into its next phase.
In her statement, Meg O'Neill highlighted BP's potential, saying: "With an extraordinary portfolio of assets, BP has significant potential to re-establish market leadership and grow shareholder value." Murray Auchincloss noted that he had expressed his openness to step down when Manifold became chair, should a leader who could accelerate BP's strategy be identified.
