BP: FTSE 100 giant replaces top boss after just two years
FTSE 100 oil major BP has replaced its top boss after just two years in the role as the energy giant targets a major turnaround.
BP will swap out incumbent boss Murray Auchincloss, who has been in the role since the start of 2024, for Woodside Energy chief Meg O’Neil.
Auchincloss will step down with immediate effect with O’Neil to take the helm in April 2026. Executive vice president Carol Howle will serve as the interim chief.
Albert Manifold, chair of BP, said: “O’Neil’s relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities.”
Reacting to the news Shell executive Robin Mills told the BBC’s Today programme the “surprise” appointment indicated the “new chairman… has really decided to put his stamp on things”.
Earlier this year, BP fended off speculation it was the subject of takeover interest from rival Shell.
A Shell spokesperson dismissed rumours as “market speculation” and said “no talks are taking place”.
O’Neil ‘may have a fight on her hands’
Derren Nathan, head of equity research at Hargreaves Lansdown, said: “O’Neill may have a fight on her hands to ensure BP’s not sold for a song, and to keep a seat at the table if it were to join forces with a competitor.
“Murray Auchincloss’s future has been in the balance ever since activist investor Elliott Investment Management took over a five per cent stake in BP.”
The notorious activist investor shored up a £3.8bn stake in BP, becoming the ailing oil major’s third-largest shareholder, earlier this year.
The size of Elliott’s stake piled further pressure on Auchincloss to go further and faster with his firm’s long-trailed strategic overhaul.
Since the start of 2020, BP has raised its spending on energy transition activity – including wind power and controversial carbon capture technology – from three per cent to 30 per cent.
In doing so, it became a net zero outlier among its competitors, almost all of which have taken a more gradual approach to their respective moves away from fossil fuels.
The oil giant suffered a huge rebellion from its shareholders as the London-listed firm’s annual general meeting faced scrutiny of its environmental policy.
Nearly a quarter voted against the re-election of outgoing chair Helge Lund at the firm’s annual general meeting. as conflict swirled over BP’s decision to cut back on climate goals.