Oil and gas major bp said it had appointed Meg O'Neill, the head of Australia's Woodside Energy, as its CEO effective April 1 after an abrupt exit by Murray Auchincloss.
O'Neill 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 have for years lagged behind competitors like ExxonMobil 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.
"Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders," said bp Chair Albert Manifold, who took on his role in October, in a statement.
O'Neill, an American from Boulder, Colorado, has headed Woodside since 2021 and previously spent 23 years at ExxonMobil. Under her leadership, Woodside merged with BHP Group's petroleum arm to create a top 10 global independent oil and gas producer valued at $40 billion and doubled Woodside's oil and gas production.
"This is clearly a high-profile hire, and probably some of the change that BP shareholders have been looking for," said Dan Pickering, chief investment officer at Pickering Energy Partners.
bp's executive vice president, Carol Howle, will serve as interim CEO until O'Neill assumes the position. Auchincloss will depart the company on Thursday. The company had not publicly announced a search process for his successor before it flagged his departure late on Wednesday evening.
Auchincloss became CEO in 2024, taking over from Bernard Looney, who resigned for lying about personal relationships with colleagues.
After an ill-fated foray into renewables under Looney, BP has vowed to increase profitability and cut costs while re-routing spending to focus on oil and gas.
bp in August launched a review of how best to develop and monetise its oil and gas production assets. When Manifold took up his post, he called for a deeper reshaping of BP's portfolio to increase profitability.
Manifold faced pressure from activist investor Elliott Investment Management, one of bp's largest shareholders, which called in July for him to urgently address the company's shortcomings and put in place "decisive and effective leadership".
Woodside said in a separate statement that O'Neill was leaving the Australian company immediately and it had appointed executive Liz Westcott as acting CEO, while intending to announce a permanent appointment in the first quarter of 2026.
