"BP has tapped Woodside Energy's Meg O'Neill as its next CEO, its first external hire for the post in more than a century and the first woman to lead a top-five oil major as the firm pivots back to fossil fuels. O'Neill, an Exxon veteran, will take over in April following the abrupt departure of Murray Auchincloss, the second CEO change in just over two years as the British oil major strives to improve its profitability and share performance, which for years has lagged competitors like Exxon."
"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. BP has pledged to divest $20bn in assets by 2027, including its Castrol lubricants unit, and reduce debt and costs. Progress has been made in recent years, but increased rigour and diligence are required to make the necessary transformative changes to maximise value for our shareholders, new BP Chair Albert Manifold said in a statement."
Meg O'Neill will take over as BP CEO in April, marking the company's first external CEO appointment in over a century and the first woman to lead a top-five oil major. BP has pivoted away from large renewable investments, recommitting to traditional oil and gas while pledging to divest $20bn in assets by 2027 and cut debt and costs. New Chair Albert Manifold seeks deeper portfolio reshaping to boost profitability amid pressure from activist investor Elliott. O'Neill brings 23 years at Exxon and led Woodside through a major merger and production growth.
Read at www.aljazeera.com
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