.jpg)
8 hours ago
3
Article content
(Bloomberg) — BP Plc Chief Executive Officer Murray Auchincloss is stepping down after less than two years at the helm. The British oil major, which has struggled to revive its fortunes after an ill-fated strategic pivot toward renewable energy, has appointed its first female head.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Meg O’Neill, the boss of Australian energy company Woodside Energy Ltd., will take over as CEO at BP starting in April, the London-listed company said Wednesday. Carol Howle will serve as interim CEO.
Article content
Article content
Article content
The management shakeup comes as BP lags behind its rivals due to a combination of corporate disasters, war, lackluster returns from its greener efforts and some bad luck. The company’s turnaround effort, which focuses on oil and gas, risks being blown off course as crude prices slump to the lowest level since 2021.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Since becoming CEO of Woodside in 2021, O’Neill helped expand its liquefied natural gas business outside of Australia. O’Neill, who also spent over two decades at Exxon Mobil Corp., has been a big proponent of using gas as a transition fuel to reduce global coal demand and cut emissions.
Article content
BP has been under pressure from activist investor Elliott Investment Management to improve its performance, after Auchincloss reset the company’s strategy in February by promising to refocus on oil and gas. The plan features portfolio divestments to reduce debt and improve the balance sheet, but the company has so far announced only small asset sales.
Article content
“Following a comprehensive succession planning process, the Board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company,” BP Chair Albert Manifold said.
Article content
Liz Westcott will be acting CEO of Woodside, the Australian producer said in a separate statement.
Article content
—With assistance from Carmeli Argana and Keira Wright.
Article content
English (US)