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.Recommended Stories list of 4 itemsend of listThe 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.When Manifold took up his post in October, he emphasised the need for a deeper reshaping of BP’s portfolio to increase profitability and faced pressure from activist investor Elliott Investment Management, one of BP’s largest shareholders, which called for him to urgently address the company’s shortcomings.Elliott saw t …
