BP appoints Woodside's Meg O'Neill to be CEO following Auchincloss' abrupt departure

BP, a major oil and gas company, announced that it has appointed Meg O'Neill as its 'CEO', effective April 1, after abruptly removing 'Murray' Auchincloss. O'Neill is the first CEO to be appointed by BP from outside of the company, and the first female to lead any of the top five oil companies in the world. Her unexpected appointment shows that the British oil giant is looking to improve its business, after years of lagging behind its competitors such as Exxon?Mobil?and Shell?. The company began a major shift in strategy earlier this year. It cut billions of dollars from planned renewable energy projects and shifted its focus to traditional oil & gas. In a recent statement, BP Chair Albert Manifold said that while progress has been made in the past few years, increased rigor is needed to'maximise shareholder value. O'Neill has been the head of Woodside since 2021. She previously worked for Exxon Mobil for 23 years. Woodside and BHP's petroleum division merged under her leadership to form a top 10 independent oil and natural gas producer in the world valued at $40 billion. Woodside's production was also doubled. O'Neill stated in a'statement' that BP 'has a significant potential to reestablish its market leadership and increase shareholder value' with an extraordinary portfolio. Carol Howle will be the interim CEO of BP until O'Neill takes over. Auchincloss is leaving the company on Thursday. The company did not announce a formal search for his replacement before announcing his departure on Wednesday night.

Dan Pickering is chief investment officer of Pickering energy Partners. He said: "This is a clear high-profile hiring, and likely some of the changes that BP shareholders were looking for." Reporting by Devika Nair in Bengaluru; Sheila Dang and Helen Clark, in Houston; and Nathan Crooks and Jamie Freed in Perth.

(source: Reuters)