Newscasts - BP names Meg O'Neill as CEO after Auchincloss' abrupt exit
18/12/2025 11:22
Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_71ufjvyo&referenceId=tag:reuters.com,2025:newsml_RW111418122025RP1_930&pageId=Newscasts Source: 'Reuters - Business videos' Description: Oil and gas major BP has appointed Meg O'Neill, the head of Australia's Woodside Energy, as its next CEO to lead its effort to boost profits and refocus on oil and gas after a detour into renewables. Fiona Jones reports. Short Link: https://lseg.group/3Y1uEN6 Video Transcript: BP has appointed Meg O'Neill as its CEO following the sudden exit of Murray Auchincloss. O'Neill used to work for Australia's Woodside Energy. She is the first CEO in over a century to be brought in from outside the British oil major. The switch of the top job for the second time in as many years is part of BP's efforts to boost profits and comes after years of shares and earnings lagging behind competitors, like ExxonMobil and Shell. BP pursued a major strategy shift earlier this year, slashing billions in renewable energy plans and refocusing on oil and gas. It's pledged to divest $20 billion in assets by 2027 and reduce debt and costs. That's as the oil major's chair Albert Manifold called for transformative changes, emphasizing the need for a portfolio reshape for profitability. He faced pressure from activist investors who called for an urgent address of what they saw as the company's shortcomings. O'Neill's position will become effective in April, and was described by analysts as a high-profile hire. BP's executive vice president, Carol Howle, will serve as interim CEO until O'Neill takes charge.