BP names new boss as current CEO leaves after less than two years

BP has appointed a new chief executive, making Meg O’Neill the first woman to lead a major global oil firm.

The London-based energy giant said its current boss Murray Auchincloss will resign, less than two years after he replaced Bernard Looney. committed “serious misconduct” not disclosing relationships with colleagues.

Under Ms O’Neill, who now runs Australian oil and gas company Woodside Energy, BP is expected to continue its recent strategy to refocus on its core oil and gas business, away from renewables.

Ms O’Neill said she looked forward to helping BP “do our part to meet the world’s energy needs”.

Ms O’Neill’s surprise appointment comes just three months after BP appointed a new chairman, Albert Manifold.

In February, the energy giant announced that it would change its strategy after pressure from some investors who were disturbed by the fact that its profits and share prices fell behind its competitors.

Rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy, and US President Donald Trump’s call for “baby drilling” has encouraged firms to invest in fossil fuels.

Energy consultant and former Shell executive Robin Mills told the BBC’s Today program that Ms O’Neill’s “surprise” appointment was about refocusing on its core oil and gas business.

“The new president … really decided to put his stamp on everything,” he said.

“I think the announcement here made it clear that Murray felt bad.” [Auchincloss] “He had done a good job, but it wasn’t enough and more was needed, new leadership, new blood.”

Although Mr. Auchincloss sought to distance himself from his predecessor’s plans to reduce oil and gas production, some shareholders were impatient with the pace of change.

Ms O’Neill said the oil giant would prioritize advancing safety and encouraging innovation and sustainability, as well as restoring market leadership.

BP praised Ms O’Neill’s time as chief executive of Woodside Energy and pointed out the firm would take over BHP Petroleum International in 2022.

He said he had built the business into the largest energy company listed on the Australian Securities Exchange.

Prior to joining Woodside, Ms. O’Neill spent 23 years in technical, operational and leadership positions at Texas-based energy company ExxonMobil.

BP deputy chief executive Carol Howle will act as interim chief executive until Ms O’Neill, who has led Woodside Energy since 2021, takes up her new role on April 1.

Mr Auchincloss, who takes over from Mr Looney in September 2024, said he told BP’s chairman in September that he was open to resigning “if a suitable leader is identified”.

“I am confident that BP is now well positioned for significant growth and I look forward to monitoring the company’s future progress,” he said after Ms O’Neill’s appointment was announced. He will serve in an advisory role until December 2026.

Mr Looney was sacked without notice in 2023 and forfeited up to £32.4 million ($43.3 million) in pay and benefits after admitting he had not been “fully transparent” about his past personal relationships.

BP’s board said they had been “knowingly misled” by Mr Looney.

At the time, Mr. Looney said in a statement that he was “disappointed in the way this situation was handled.”