British oil giant BP has appointed Woodside Energy boss Meg O’Neill as its next CEO, replacing Murray Auchincloss after less than two years in the role.
Auchincloss will step down today, with Carol Howle, BP’s executive vice president for supply, trading and shipping set to serve as interim CEO until O’Neill takes over the role on April 1. She will be BP’s fourth CEO in six years.
Auchincloss stepped up from his previous role as chief financial officer to the top job in January 2024, after his predecessor Bernard Looney left the company for failing to disclose a relationship with a colleague.
Looney, who had been in the role since early 2020 when he succeeded Bob Dudley, had sought to transform the oil major into a green energy giant but came under investor pressure amid share underperformance.
Auchincloss reversed that strategy, and focused on the company’s core gas and oil units.
In the Wednesday statement, Auchincloss said he’d told recently appointed Chair Albert Manifold he was open to stepping down if an “appropriate leader” was identified.
A graph showing BP’s share price
BP fielded off takeover rumors earlier this year, with fellow U.K. energy incumbent Shell denying reports that it was in talks to snap up its its struggling competitor.
BP, a U.K. oil exploration company that was founded in 1909 under the name Anglo-Persian Oil Company, has underperformed compared with its peers, having reported declining annual profits in both 2023 and 2024.
Its share price is up over 15% year-to-date and 21% over the past five years. The stock ended Thursday up 0.7% as investors responded to the leadership announcement.
Woodside Energy’s stock closed Wednesday’s session 1.3% lower.
