LONDON: British energy giant BP, which this year shelved targets on reducing carbon emissions, has appointed industry veteran Meg O'Neill to be chief executive from April, replacing Murray Auchincloss who stepped down on Thursday.
BP said in a statement that company executive Carol Howle will serve as interim CEO until O'Neill moves over from her position as chief executive of Australian group Woodside Energy.
O'Neill becomes the first woman chief executive of an oil major, a term used to describe the likes of Shell, ExxonMobil, Chevron and TotalEnergies.
The American national, who spent 23 years working for ExxonMobil, is also the first external candidate to be appointed CEO of BP in the group's 116-year history. O'Neill has led Woodside Energy since April 2021.
The unexpected boardroom shakeup comes with BP pivoting back to its more profitable oil and gas business as it slashes clean energy investment.
BP chair Albert Manifold said O'Neill's "proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader".
He added that the change helps to "accelerate" BP's "strategic vision to become a simpler, leaner and more profitable company".
"Progress has been made in recent years, but increased rigour and diligence are required to make the necessary transformative changes to maximise value for our shareholders", said Manifold, in his role since October.
O'Neill said "BP has significant potential to re-establish market leadership", adding she planned to "accelerate performance, advance safety, drive innovation and sustainability and do our part to meet the world's energy needs".
BP's latest earnings update in November revealed a sharp rise in net profit for the third quarter as higher oil output and cost-cutting helped offset a drop in crude prices. — AFP
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