BP names Woodside's Meg O'Neill as first female CEO

Oil and gas major BP has appointed Meg O'Neill, the head of Australia’s Woodside Energy, as its next CEO to lead its effort to boost profits and refocus on oil and gas after a detour into renewables.

- SHEILA DANG STEPHANIE KELLY

Ms O'Neill, who will take over in April following the abrupt departure of Murray Auchincloss, will become BP’s first CEO appointed from outside the company in its more than century-long history and the first woman to head any of the world’s top five oil majors.

The second CEO change in just over two years is a sign that the British oil major is seeking a renewed push to improve its business after its shares and earnings for years lagged behind competitors like Exxon Mobil and Shell.

The company embarked on a major strategy shift earlier this year, slashing billions in planned renewable energy initiatives and shifting its focus back to traditional oil and gas. BP has pledged to divest $20 billion in assets by 2027 and reduce debt and costs.