BP chief Murray Auchincloss steps down under pressure from Elliott Management
Meg O’Neill named successor; interim leadership will be handled by Carol Howle as transition proceeds.
BP chief executive Murray Auchincloss has stepped down with immediate effect after pressure from activist investors, the oil major said on Thursday. Meg O’Neill, current chief executive of Woodside Energy, will become BP’s first female CEO when she joins in April, with Carol Howle serving as interim chief executive until then.
Auchincloss, who had been in the top job for less than two years, faced renewed demands from Elliott Management to boost performance, trim costs, lift shareholder payouts and slim BP’s debt pile. The leadership change follows a turbulent period at BP, including the departures of former chief executive Bernard Looney and chairman Helge Lund, who spearheaded a rapid pivot toward green energy that the group is now seeking to reverse. The firm said Auchincloss would step down from the role and the board with immediate effect, and that his successor had been identified.
Incoming CEO Meg O’Neill has led Woodside Energy since 2021, the largest energy company listed on the Australian Securities Exchange. Before Woodside, she spent 23 years at ExxonMobil in technical, operational and leadership roles around the world. On the board’s decision, chair Bert Manifold said O’Neill’s proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader to steer BP through its next phase. He added that the transition would help BP become a simpler, leaner and more profitable company.
O’Neill said BP plays a critical role in delivering energy to customers around the world and possesses an extraordinary portfolio of assets with significant potential to reestablish market leadership and grow shareholder value.
Carol Howle, BP’s executive vice president of supply, trading and shipping, will serve as interim CEO. Auchincloss will remain with BP as an adviser through December next year to support the transition. The board’s moves come as BP continues to recalibrate its strategy amid pressure from investors and a broader industry shift away from heavy emphasis on renewables into a more balanced portfolio focused on oil and gas generation and value creation for shareholders.
BP shares dipped 0.3 per cent to 424.25 pence in early trading on Thursday, after having risen about 5.5 per cent since the start of the year. The market reaction reflects investors’ expectations for how the leadership change could reshape BP’s capital allocation and growth trajectory in a difficult energy market.
