BP hires first feminine boss after shock departure of chief govt

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Your help makes all of the distinction. Learn extra BP has introduced a landmark management change, appointing Meg O’Neill as its new chief govt. This historic transfer marks the primary time a girl will lead one of many world’s 5 largest oil corporations.

The FTSE 100 oil large confirmed the shock departure of present boss Murray Auchincloss, who's stepping down after lower than two years within the place. Ms O’Neill, presently chief govt of Woodside Power, is scheduled to imagine her new function on April 1.

To make sure a seamless transition, Mr Auchincloss will stay with the group in an advisory capability till December subsequent yr. Within the interim interval earlier than Ms O’Neill’s arrival, Carol Howle, BP’s govt vp of provide, buying and selling, and transport, will function performing chief govt.

The abrupt departure of Mr Auchincloss follows the appointment of Albert Manifold as BP’s new chairman in July.

Mr Auchincloss took over on the high when former boss Bernard Looney give up in September 2023 after failing to reveal his previous relationships with firm colleagues.

<img src="https://static.independent.co.uk/2025/12/18/08/89bd8ae48877a927dabf4f8b0e76673bY29udGVudHNlYXJjaGFwaSwxNzY2MTMxMjU4-2.75240311.jpg" srcset="https://static.independent.co.uk/2025/12/18/08/89bd8ae48877a927dabf4f8b0e76673bY29udGVudHNlYXJjaGFwaSwxNzY2MTMxMjU4-2.75240311.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2025/12/18/08/89bd8ae48877a927dabf4f8b0e76673bY29udGVudHNlYXJjaGFwaSwxNzY2MTMxMjU4-2.75240311.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="Murray Auchincloss leaves after less than two years as chief executive of BP (BP/PA)" class="sc-1mc30lb-0 ggpMaE inline-gallery-btn"/> open picture in gallery

Murray Auchincloss leaves after lower than two years as chief govt of BP (BP/PA) “When Albert grew to become chair, I expressed my openness to step down have been an applicable chief recognized who might speed up supply of BP’s technique,” Mr Auchincloss mentioned.

Ms O’Neill’s appointment makes historical past as she turns into the primary lady to run BP and the primary ever outsider to tackle the put up, and in addition the primary lady to go up a high 5 world oil firm.

The American oil govt has headed up Australian oil and gasoline agency Woodside Power since April 2021, having been promoted after taking up a variety of senior roles on the agency since becoming a member of in 2018.

Earlier than that, she labored at ExxonMobil for 23 years in a raft of govt roles, having began her profession with the agency in Houston, Texas.

At Woodside, she oversaw the takeover of BHP Petroleum Worldwide in 2022 and has grown the agency into the most important vitality firm listed on the Australian Securities Trade, based on BP.

Mr Manifold mentioned her appointment will assist ramp up plans to develop into “extra worthwhile”.

Shareholders within the agency have develop into more and more pissed off over the tempo of its turnaround as its shares and earnings have lagged behind rivals.

Mr Manifold mentioned: “Following a complete succession planning course of, the board believes this transition creates a chance to speed up our strategic imaginative and prescient to develop into a less complicated, leaner, and extra worthwhile firm.

“Progress has been made in recent times, however elevated rigor and diligence are required to make the mandatory transformative modifications to maximise worth for our shareholders.”

He added that Ms O’Neill’s “confirmed observe document of driving transformation, development, and disciplined capital allocation makes her the correct chief for BP”.

“Her relentless concentrate on enterprise enchancment and monetary self-discipline offers us excessive confidence in her capability to form this nice firm for its subsequent section of development and pursue vital strategic and monetary alternatives,” he added.

Ms O’Neill mentioned: “With a rare portfolio of belongings, BP has vital potential to re-establish market management and develop shareholder worth.”

BP shares remained largely flat after initially edging increased after market opening on Thursday.

Analyst Ashley Kelty, at Panmure Liberum, mentioned: “This can be a actually constructive replace, as Murray Auchincloss was one of many chief architects of the disastrous pivot in direction of low margin renewables that BP undertook below disgraced former chief govt Bernard Looney.