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BP has replaced CEO Murray Auchincloss with Meg O'Neill, the firm's first female leader, as the energy giant pivots back to fossil fuels amid investor pressure.
14:55, Thu, Dec 18, 2025 Updated: 15:00, Thu, Dec 18, 2025
BP is one of the world's biggest Oil and Gas firms. (Image: Getty)
Oil and gas major BP has replaced its chief executive after less than two years, appointing Meg O'Neill as the first woman to lead the British company in its 116-year history.
Murray Auchincloss stepped down on Wednesday, with O'Neill set to take over from the Australian energy group Woodside on 1 April. Carol Howle, BP's trading chief, will serve as interim chief executive until then.
The appointment represents a watershed moment for the company. O'Neill becomes Big Oil's first female leader and BP's first external hire to the top job in decades, breaking with longstanding practice of internal succession.
The leadership change follows a turbulent period for BP, which has struggled after abandoning its renewable energy ambitions in February. Under former chief executive Bernard Looney, who departed in 2023 following an investigation into undisclosed relationships with colleagues, BP pledged to cut oil and gas production by 40 per cent by 2030 whilst targeting 50 gigawatts of renewable capacity.
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Meg O'Neill: BP's first female CEO. (Image: BP)
But the strategy attracted fierce criticism. Activist investor Bluebell Capital Partners described the pivot as "irrational", claiming it had left shareholders £40bn poorer. Auchincloss subsequently reversed course, slashing renewable investment by more than $5bn annually to between $1.5bn and $2bn, whilst increasing oil and gas spending to $10bn per year.
The company's market capitalisation has plunged from roughly $250bn (£186bn) in 2006 to around $88bn (£33.5bn) in December 2025, underperforming rivals including Shell, ExxonMobil and Chevron.
Albert Manifold, who became chairman in October after leading building materials group CRH, has moved quickly to accelerate the turnaround. The former CRH chief executive oversaw a fourfold increase in that company's share price during his 11-year tenure.
Auchincloss said the timing was right to "hand the reins to a new leader" after more than three decades with BP, adding he had expressed willingness to step aside if an appropriate successor emerged to "accelerate delivery of BP's strategy".
O'Neill, an American who spent 23 years at ExxonMobil before joining Woodside in 2018, has focused squarely on fossil fuels. She recently told investors that customers prioritising affordability showed "zero or near zero" willingness to pay premiums for climate-friendly products.
The appointment comes amid continued takeover speculation. Shell reportedly held discussions about acquiring BP earlier this year, though the rival firm denied pursuing a deal. Under UK takeover rules, Shell faces restrictions on making an offer until late December.
Activist investor Elliott Management, which holds more than 5 per cent of BP's shares, has pressed for deeper cost cuts and asset sales. The Florida-based hedge fund has criticised the pace of BP's restructuring.
O'Neill becomes BP's fourth chief executive in six years, inheriting a company attempting to restore investor confidence whilst navigating volatile oil prices and intense pressure to deliver returns. Manifold described her "proven track record of driving transformation" as making her "the right leader for BP".
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