BP PLC (LSE:BP.) has poached Woodside Energy Group Ltd (ASX:WDS, LSE:WDS, OTC:WOPEF) boss Meg O’Neill to become its next chief executive, with current CEO Murray Auchincloss stepping down with immediate effect.
Auchincloss was given the CEO job at the start of 2024, having been interim CEO since September 2023 after the shock departure of Bernard Looney, who himself was only in charge for three and a half years.
Carol Howle, executive vice president for supply, trading and shipping, will serve as interim CEO until O’Neill takes over.
O’Neill has been CEO of Woodside Energy since 2021, after starting in 2018 as operations chief. She led the acquisition of BHP Petroleum and has overseen the company’s growth into the largest energy firm listed on the Australian stock exchange.
BP chair Albert Manifold said O'Neill's "proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP".
He added: "Following a comprehensive succession planning process, the board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company. Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders."
Auchincloss, who has spent over 30 years with BP, will remain in an advisory role until December 2026 to assist with the leadership transition.
He said it was "the right time to hand the reins to a new leader".