The British oil titan BP has designated Woodside Energy chief Meg O’Neill as its next CEO, succeeding Murray Auchincloss after a tenure of under two years.
Auchincloss will depart today, with Carol Howle, BP’s executive vice president for supply, trading, and shipping, poised to act as interim CEO until O’Neill assumes the position on April 1. She will be BP’s fourth CEO within six years.
Auchincloss rose from his previous position as chief financial officer to the CEO role in January 2024, following the exit of his predecessor Bernard Looney, who left for not disclosing a relationship with a colleague.
Looney, who had occupied the position since early 2020 after Bob Dudley, aimed to convert the oil giant into a green energy leader but faced investor scrutiny due to underperformance in shares.
Auchincloss reversed that approach, concentrating on the company’s primary gas and oil divisions.
In a statement on Wednesday, Auchincloss mentioned he had informed recently appointed Chair Albert Manifold that he was amenable to resigning if a “suitable leader” was found.
BP deflected takeover speculations earlier this year, with fellow U.K. energy player Shell denying rumors it was in discussions to acquire its struggling rival.
BP, a U.K. oil exploration firm established in 1909 as Anglo-Persian Oil Company, has lagged behind its competitors, showing falling annual profits in both 2023 and 2024.
Its share price has increased over 15% year-to-date and 21% over the last five years. The stock finished Thursday up 0.7% in response to the leadership news.
Woodside Energy’s shares decreased by 1.3% at the close of Wednesday’s session.
