BP, the British energy giant, plans to appoint a new CEO

LONDON,

British energy giant BP has appointed Meg O'Neill, a company outsider, as CEO beginning in April, succeeding Murray Auchincloss, who resigned on Thursday.

BP announced in a statement that company executive Carol Howle will serve as interim CEO until American national O'Neill takes over as CEO of Australian group Woodside Energy.

The unexpected shakeup comes as BP shifts back to its more profitable oil and gas business while cutting clean energy investment.

BP Chairman Albert Manifold stated that O'Neill's "proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader."

He also stated that the change will "accelerate" BP's "strategic vision to become a simpler, leaner, and more profitable company."

"Progress has been made in recent years, but greater rigour and diligence are required to make the necessary transformative changes to maximise value for our shareholders," said Manifold, who has been in his position since October.

O'Neill stated that "BP has significant potential to re-establish market leadership," and that she intends to "accelerate performance, advance safety, drive innovation and sustainability, and do our part to meet the world's energy needs."

BP's most recent earnings update in November revealed a significant increase in net profit for the third quarter, as higher oil output and cost-cutting offset a drop in crude prices.

Profit after tax increased to $1.16 billion in July-September, up from $206 million the previous year.

Despite energy prices falling this year on concerns that US President Donald Trump's tariffs will harm economic growth—and more recently on talk of a possible end to Russia's war in Ukraine, which has added to oversupply concerns—BP and rivals remain focused on extracting as much revenue from fossil fuels as possible.