By Devika Madhusudhanan Nair and Sheila Dang
Dec 17 (Reuters) - Oil and gas major BP said it had appointed Meg O'Neill, the head of Australia's Woodside Energy, as its CEO effective April 1 after an abrupt exit by Murray Auchincloss.
O'Neill will become BP's first CEO appointed from outside the company and the first woman to head any of the world's top five oil majors. Her surprise appointment is a sign that the British oil major is seeking a renewed push to improve its business after its shares and earnings
have for years lagged behind competitors like Exxon Mobil and Shell.
The company embarked on a major strategy shift earlier this year, slashing billions in planned renewable energy initiatives and shifting its focus back to traditional oil and gas.
"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," said BP Chair Albert Manifold, who took on his role in October, in a statement.
O'Neill, who has headed Woodside since 2021, previously spent 23 years at Exxon Mobil. Under her leadership, Woodside merged with BHP Group's petroleum arm to create a top 10 global independent oil and gas producer valued at $40 billion and doubled Woodside's oil and gas production.
"With an extraordinary portfolio of assets, BP has significant potential to reestablish market leadership and grow shareholder value," O'Neill said in a statement.
BP's executive vice president, Carol Howle, will serve as interim CEO until O'Neill assumes the position. Auchincloss will depart the company on Thursday. The company had not publicly announced a search process for his successor before it flagged his departure late on Wednesday evening.
"This is clearly a high-profile hire, and probably some of the change that BP shareholders have been looking for," said Dan Pickering, chief investment officer at Pickering Energy Partners.
(Reporting by Devika Nair in Bengaluru, Sheila Dang in Houston and Helen Clark in Perth; Editing by Nathan Crooks and Jamie Freed)
