BP has announced a major leadership change, with Murray Auchincloss stepping down as chief executive and board director, effective immediately. Meg O'Neill, the current chief executive of Australia's Woodside Energy, will succeed him, starting on April 1, 2024. Until then, Carol Howle, BP's executive vice president of supply, trading and shipping, will serve as interim chief executive.

Transition and Departure Details

Murray Auchincloss will remain with BP in an advisory role until December 2026 to assist with the leadership transition. His departure follows his appointment as interim chief executive in late 2023 after Bernard Looney's resignation, and his confirmation as permanent CEO in January 2024. Auchincloss stated that after three decades at the company, now was the right time to hand over to a new leader who could accelerate the delivery of BP's strategy.

Context of Leadership Change

This marks the second major leadership change at BP this year, following former chair Helge Lund's announcement in April that he would step down. The change occurs during a period of strategic transition for BP, which earlier this year promised a reset back toward fossil fuels after wavering financial performance. BP Chair Albert Manifold stated the appointment of O'Neill followed a comprehensive succession planning process aimed at creating a simpler, leaner, and more profitable company, noting that increased rigour is required for transformative changes to maximize shareholder value.

Profile of Incoming CEO Meg O'Neill

Meg O'Neill is a 23-year veteran of ExxonMobil who joined Woodside in 2018. She became Woodside's chief executive in April 2021, having previously served as chief operations officer and executive vice president of development and marketing. Her key achievements at Woodside include the acquisition of BHP Petroleum International and a significant expansion of the company's liquefied natural gas (LNG) portfolio. This portfolio is set to double to 40 million tonnes per annum by 2032, driven by projects like the Scarborough field offshore Western Australia and the Louisiana LNG project in the US.

Statements from Leadership

BP Chair Albert Manifold expressed confidence in O'Neill, citing her proven track record in driving transformation, growth, and disciplined capital allocation. O'Neill stated she was honoured by the appointment, noting BP's potential to reestablish market leadership and grow shareholder value, and committed to accelerating performance, safety, innovation, and sustainability. At Woodside, Liz Westcott, who has led the company's Australian operations since 2023, was named acting chief executive. Woodside Chair Richard Goyder thanked O'Neill, stating she leaves the company in a strong position with a transformational growth foundation that has delivered approximately $11 billion in dividends to shareholders since 2022.