Dive Brief:
- BP has appointed oil industry veteran Meg O’Neill as its next CEO, effective April 1, 2026, the fueling giant and convenience retailer announced Wednesday evening.
- Murray Auchincloss, who has been BP’s chief executive since January 2024, is stepping down effective Thursday. Carol Howle, BP’s executive vice president, supply, trading and shipping, will serve as interim CEO until O’Neill takes over the role next year. Auchincloss will remain in an advisory role until the end of 2026.
- O’Neill will be BP’s fourth CEO since 2020. She’ll assume leadership amid a challenging period for the company, which underwent a major strategy reset in 2025.
Dive Insight:
BP admitted in its 2024 annual report that the year was challenging from an operations perspective, as the company’s customers and products business — which includes its retail arm — and green investment initiatives weren’t making progress. By January 2025, the company kicked off its strategy to reduce expenses by about $2 billion by 2026. Since then, it’s laid off thousands of global employees, including many in its retail segment, and revealed plans to divest 10% of its company-operated c-stores.
According to Wednesday’s announcement,, O’Neill’s appointment follows a search process managed by BP’s board of directors and an independent recruitment firm.
O’Neill has served as CEO of Australian energy company Woodside Energy since April of 2021, and was its COO, EVP of development and EVP of development and marketing before that. Prior to joining Woodside Energy in 2018, she spent 23 years with ExxonMobil in a variety of technical, operational and senior leadership roles across the U.S., Canada and Norway.
When she assumes leadership in April, O’Neill will be the first woman to lead BP and the first person to be appointed its CEO from outside the company.
“We are delighted to welcome Meg O’Neill to the BP team,” Albert Manifold, chair of BP, said in the announcement. “Her proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for bp. Her 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.”
Manifold added that the board of directors believes “this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company.”
“Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders,” he said.
Howle, who has held her current role since July 2020, previously ran BP’s shipping business and was COO for its integrated supply and trading arm. She has more than 20 years’ experience in the energy industry, many in integrated supply and trading.
Auchincloss, formerly BP’s CFO, became BP’s interim CEO in late 2023 following the resignation of former leader Bernard Looney. On Wednesday, he said that he first expressed an openness in stepping down when Manifold was appointed board chair this past July.
“I am confident that bp is now well positioned for significant growth and I look forward to watching the company’s future progress and success under Meg’s leadership,” Auchincloss said in the announcement.
