BP Plc appointed Meg O’Neill as its new chief executive officer, making her Big Oil’s first female leader, as the company struggles to revive its fortunes after a botched pivot toward renewable energy.
The management shakeup comes as BP lags its rivals due to a combination of corporate disasters, war, lackluster returns from its renewables efforts and some bad luck.
That has led to pressure from activist investor Elliott Investment Management, and a turnaround effort focused on oil and gas.
O’Neill, an American, stepped down as head of Australia-based Woodside Energy Group after four years in the job and had previously spent more than two decades at Exxon Mobil Corp.
Carol Howle will serve as BP’s interim CEO, filling in for outgoing CEO Murray Auchincloss, until O’Neill starts in April, the company said in a statement.
“She’s got a very hands-on track record in engineering and operations, which suggests a
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