BP's CEO steps aside in Big Oil shakeup
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Woodside Energy Group CEO Meg O'Neill in June. Photographer: Samsul Said/Bloomberg via Getty Images
BP CEO Murray Auchincloss is stepping down a little over two years into the job, with Meg O'Neill, head of Australian multinational energy giant Woodside Energy, tapped as his replacement, the oil major said.
Why it matters: The exit announced Wednesday comes as BP — whose performance has lagged its Big Oil rivals — is undergoing an Auchincloss-led pivot back toward its core oil and gas business and scaling back green energy plans.
Driving the news: It's the second shakeup at BP in recent years.
- Auchincloss, a longtime BP vet, became CEO on an interim basis in September 2023 after Bernard Looney abruptly left amid a probe into his personal relationships within the company.
- Auchincloss was named permanent CEO in January 2024.
What's next: Auchincloss will leave on Thursday. Carol Howle, current executive VP for supply, trading & shipping, will step in until O'Neill takes over in April, the announcement states.
- "[O'Neill's] proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP," board chairman Albert Manifold said in a statement.
- He called the CEO transition an "opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company."
State of play: Auchincloss, in a statement, said "the right time to hand the reins to a new leader" after more than three decades at the company.
- He has previously served as chief financial officer and in other senior roles.
- Auchincloss noted that when Manifold became chair, he expressed openness to stepping down "were an appropriate leader identified who could accelerate delivery of BP's strategy."
- He'll remain in an advisory role until December of 2026, BP said.
What we're watching: O'Neill's plans for the company amid modest oil prices, shifting climate policies and intense competition.
- "With an extraordinary portfolio of assets, [BP] has significant potential to reestablish market leadership and grow shareholder value," she said in a statement.
