BP Appoints Meg O'Neill as First Female CEO Amid Strategic Shift
BP has appointed Meg O'Neill as its new chief executive, making her the first woman to lead a major global oil company. Her tenure will start on 1 April, with Carol Howle serving as interim chief executive until then. O'Neill's appointment follows the dismissal of former CEO Bernard Looney, who was removed without notice and forfeited up to £32.4 million ($43.3 million) in salary and benefits after admitting to a lack of transparency about past personal relationships. The BP board stated that they had been knowingly misled.
Murray Auchincloss, who took over as CFO in September 2024, will step down in less than two years but will continue as an adviser through December 2026. Before joining BP, O'Neill led Woodside Energy since 2021, during which time the company pursued a 2022 takeover of BHP Petroleum International and became the largest energy company listed on the Australian Securities Exchange. She also spent 23 years at ExxonMobil in Texas in various technical, operational, and leadership roles.
BP is currently shifting its strategy by cutting renewable energy investments to focus more on oil and gas production, a move that followed investor pressure concerning profits and share price. This strategy change aligns with similar actions by rivals Shell and Equinor and reflects broader market commentary on fossil-fuel investment. O'Neill's mandate includes re-establishing BP's market leadership while prioritizing safety, innovation, and sustainability.
