Add thelocalreport.in As A Trusted Source
BP has announced a historic leadership change, appointing Meg O’Neill as its new chief executive. The historic move marks the first time a woman will lead one of the world’s five largest oil companies.
The FTSE 100 oil giant has confirmed the surprise departure of current boss Murray Auchincloss, who is stepping down after less than two years in the post. Ms O’Neill, currently chief executive of Woodside Energy, is due to take up her new role on 1 April.
To ensure a seamless transition, Mr Auchincloss will remain with the group in an advisory capacity until December next year. In the interim period before Ms. O’Neill’s arrival, Carol Hawley, BP’s executive vice president of supply, trading and shipping, will serve as acting chief executive.
Mr. Auchincloss’s sudden departure following the appointment of albert In July, Manifold was appointed the new chairman of BP.
Mr Auchincloss took over the top job when former boss Bernard Looney stepped down in September 2023 after failing to disclose his past relationships with company associates.
“When albert “After becoming Chairman, I expressed my openness to stepping down and identifying a suitable leader who can accelerate the implementation of BP’s strategy,” Mr. Auchincloss said.
Ms O’Neill’s appointment makes history as she becomes the first woman to run BP and the first outsider to hold the position, and also the first woman to lead a top-five global oil company.
American oil executive has led Australian Oil and gas firm Woodside Energy, from April 2021, has been promoted after holding a number of senior roles at the firm since joining in 2018.
Before this, she worked ExxonMobil After starting his career with the company, he held a number of executive roles for 23 years houstonTexas.
At Woodside, he oversaw the acquisition of BHP Petroleum International in 2022 and grew the firm into the largest listed energy company. Australian According to BP Securities Exchange.
Mr Manifold said his appointment would help make the schemes “more profitable”.
The company’s shareholders have become increasingly frustrated with the pace of its turnaround as its shares and earnings have lagged behind rivals.
Mr Manifold said: “Following an extensive succession planning process, the Board believes this change creates an opportunity to accelerate our strategic vision to become a simpler, simpler and more profitable company.
,Progress has been done in recent years, but increased rigor and diligence is required to make the transformational changes necessary to maximize value for our shareholders.
He said Ms O’Neill’s “proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader for BP”.
“His continued focus on business improvement and financial discipline gives us high confidence in his ability to shape this great company for its next phase of growth and pursue important strategic and financial opportunities,” he said.
Ms O’Neill said: “With an exceptional portfolio of assets, BP has significant potential to re-establish market leadership and enhance shareholder value.”
After rising initially after the market opened on Thursday, BP shares remained largely flat.
Panmure Liberum analyst Ashley Kelty said: “This is a really positive update, as Murray Auchincloss was one of the chief architects of the disastrous pivot towards low-margin renewable energy that BP began under disgraced former chief executive Bernard Looney.
“Due to his uninspired leadership, BP has been underperforming its peers for many years.
“Ms O’Neill has a task on her hands as the balance sheet is in poor shape and the increased cost base needs to be addressed.”