BP names new boss as current CEO leaves after less than two years

Archie MitchellBusiness reporterReutersBP has appointed a brand new chief govt, making Meg O’Neill the primary lady to run a significant international oil agency.The London-based power big mentioned its present boss Murray Auchincloss would step down lower than two years after he changed Bernard Looney, who was discovered to have dedicated “critical misconduct” in failing to reveal relationships with colleagues.BP govt vp Carol Howle will function interim chief govt till Ms O’Neill, who has led Australian power agency Woodside Power since 2021, takes up her new function on 1 April.Ms O’Neill mentioned she appears to be like ahead to serving to BP “do our half to satisfy the world’s power wants”.Mr Auchincloss, who took over from Mr Looney in September 2024, mentioned he had advised BP’s chairman in September that he was open to stepping down “had been an applicable chief recognized”.”I’m assured that BP is now effectively positioned for vital development and I look ahead to watching the corporate’s future progress,” he mentioned after Ms O’Neill’s appointment was introduced. He’ll serve in an advisory function till December 2026.Ms O’Neill mentioned she would prioritise re-establishing the oil big’s market management, in addition to advancing security and driving innovation and sustainability.BP praised Ms O’Neill’s time as chief govt of Woodside Power, pointing to the agency’s takeover of BHP Petroleum Worldwide in 2022.It mentioned she had grown the enterprise into the biggest power firm listed on the Australian Securities Alternate.Earlier than becoming a member of Woodside, Ms O’Neill spent 23 years in technical, operational and management positions at Texas-based power agency ExxonMobil.Mr Looney was dismissed with out discover, and forfeited as much as £32.4m ($43.3m) in wage and advantages, after admitting that he was not “absolutely clear” about his previous private relationships.BP’s board mentioned that they had been “knowingly misled” by Mr Looney.On the time, Mr Looney mentioned in an announcement that he was “upset with the way in which this case has been dealt with”.Ms O’Neill’s appointment comes as BP is chopping its renewable power investments and as a substitute specializing in growing oil and fuel manufacturing.In February, the power big mentioned it could shift its technique following strain from some buyers who had been pissed off that its earnings and share value had lagged behind rivals.Rivals Shell and Norwegian firm Equinor have additionally scaled again plans to put money into inexperienced power and US President Donald Trump’s name to “drill child drill” has inspired corporations to put money into fossil fuels.