BP CEO Meg O'Neill to Take Helm in April 2026
BP CEO Meg O'Neill named to lead BP and the board's leaner oil-and-gas mandate amid Elliott pressure could push faster asset sales and cost cuts.
KEY TAKEAWAYS
- Meg O'Neill named BP CEO effective April 1, 2026.
- Board cited her transformation record amid Elliott pressure to accelerate asset sales and cost cuts.
- Carol Howle named interim CEO to steer the transition amid BP's fourth CEO in six years.
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BP appointed Meg O'Neill as chief executive officer, effective April 1, 2026, replacing Murray Auchincloss. The board said her record in transformation and disciplined capital allocation will help accelerate efforts to make BP simpler and more profitable amid activist pressure.
Leadership Change Reflects Strategic Reset Under Activist Pressure
The leadership transition follows pressure from Elliott Investment Management, which holds more than a 5% stake and has pushed BP for cost cuts, asset sales, and a tighter focus on oil and gas. BP has lagged peers such as ExxonMobil and Shell. Under Auchincloss’s February 2025 plan, BP aimed to divest $20 billion of assets by 2027 and reduce debt and costs as part of a renewed focus on oil and gas.
The board, chaired by Albert Manifold since July 2025, described the change as an opportunity to accelerate its strategic vision to become a simpler, leaner, and more profitable company. It said the transformation will require increased rigor and diligence. These factors raise the prospect of faster asset sales and deeper cost reductions as BP seeks to close performance gaps with competitors.
O'Neill brings experience from outside BP. She led Woodside Energy from 2021 to 2026 after more than 20 years at ExxonMobil. At Woodside, she oversaw acquisitions including BHP’s petroleum unit and Tellurian LNG. Her appointment marks the first female chief executive in Big Oil.
Auchincloss, who succeeded Bernard Looney in 2024, stepped down after less than two years, becoming the fourth BP CEO in six years. This rapid turnover has raised investor concerns about continuity during the company’s strategic reset.
Carol Howle, BP’s executive vice president of supply, trading, and shipping, was named interim chief executive to lead the company through the transition.
The announcement did not include new numerical guidance. O'Neill will be tasked with executing the board’s divestment and cost-reduction plans to meet the 2027 deadline and improve BP’s competitive position.
