In a historic move for the energy giant, BP has announced the appointment of Meg O'Neill as its new chief executive, making her the first woman to lead the company and the first female boss of a top-five global oil firm.
A Leadership Shift Under Investor Pressure
The decision, revealed after US markets closed on Thursday 18 December 2025, marks a significant acceleration of BP's strategic turnaround. It follows sustained pressure from shareholders for greater urgency in improving financial returns. O'Neill will take over from Murray Auchincloss, who has spent less than two years in the top role.
This appointment is the first major action by BP's new chairman, Albert Manifold, who assumed his position in October. He has been tasked with addressing investor frustration over BP's prolonged underperformance compared to its rivals. "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," Manifold stated.
O'Neill's Track Record and BP's Strategic Pivot
Meg O'Neill joins from Woodside Energy, where she has been CEO since 2021. Under her leadership, Woodside engineered a major merger with BHP Group's petroleum arm, creating a top-ten global independent oil and gas producer valued at $40bn and doubling Woodside's production.
Her proven expertise in driving growth and disciplined capital allocation aligns directly with BP's renewed focus. Earlier this year, BP slashed billions in planned renewable energy investment, shifting its strategy decisively back towards more lucrative oil and gas earnings. Manifold expressed confidence that O'Neill's "relentless focus on business improvement and financial discipline" makes her the ideal leader for this next phase.
Transition and Market Reaction
O'Neill will officially begin her role in April. In the interim, executive vice president Carol Howle will serve as interim CEO. Murray Auchincloss, who has been with BP for over three decades, will remain in an advisory capacity for up to a year. He stated that with the new chairman in place, "now is the right time to hand the reins to a new leader" who can accelerate the delivery of BP's strategy.
The news of O'Neill's impending departure prompted a nearly 3% fall in Woodside's share price. Analysts interpreted the move as a clear signal of BP's strategic intent. Michael Alfaro of Gallo Partners noted, "What this to me signals is we (BP) don't want to sell, we want to pursue a firm-wide push in natural gas."
This leadership change solidifies BP's commitment to a profits-driven push centred on its traditional hydrocarbon business, as it seeks to close the performance gap with its industry peers.
