The shock departure of BP CEO Murray Auchincloss was announced by the FTSE 100 energy major on Wednesday, just hours after the close of trading in London.
The element of surprise was heightened further after his successor was named as Woodside Energy’s boss Meg O’Neill, who would become the British energy major’s first female CEO.
The move marks another change at the top of BP with Auchincloss’ leadership of the company lasting less than two years. That’s after his predecessor Bernard Looney resigned under a cloud having been in the job for three years.
Investors would be hoping that O’Neill – who will take office on April 1, 2026 – will last a bit longer and provide some much needed stable stewardship that BP has been missing since Bob Dudley retired in 2020.
Until O’Neill’s arrival, Carol Howle, executive vice president, supply, trading and shipping at BP, will serve as the company’s interim CEO, while Auchincloss will stay in an advisory role until December 2026 to ensure a smooth transition.
In a statement issued through BP, Auchincloss said: “After more than three decades with BP, now is the right time to hand the reins to a new leader. I am confident that BP is now well positioned for significant growth and I look forward to watching the company’s future progress and success under Meg O’Neill’s leadership.”
BP said O’Neill’s appointment follows a search process overseen by a committee of its board, assisted by an “independent recruitment firm, as part of the board’s long-term succession planning.”
Since her appointment as CEO of Woodside Energy in 2021, O’Neill has grown the company into the largest energy company listed on the Australian Securities Exchange.
Among her many accomplishments at Woodside Energy, she oversaw the acquisition of BHP Petroleum International, creating a geographically diverse business with a large portfolio of oil and gas assets.
Prior to joining Woodside Energy in 2018, O’Neill spent 23 years at ExxonMobil in technical, operational and leadership positions around the world.
Albert Manifold, chairman of BP, said: “We are delighted to welcome Meg O’Neill to the BP team. Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP.
“Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities.”
He added the move followed a comprehensive succession planning process, and is all about accelerating the company’s strategic vision to become “a simpler, leaner, and more profitable” BP.
Meg O’Neill said: “BP plays a critical role in delivering energy to customers around the world. I am honoured to serve as the company’s next CEO. With an extraordinary portfolio of assets, BP has significant potential to reestablish market leadership and grow shareholder value.
“I look forward to working with the BP leadership team and colleagues worldwide to accelerate performance, advance safety, drive innovation and sustainability and do our part to meet the world’s energy needs.”
The incoming BP CEO has her work cut out with the company’s share price chronically underperforming compared to its peers to the point of having to stave off takeover rumors and an activist investor.