Current Woodside CEO Meg O’Neill will become BP’s new CEO on April 1, 2026. Current CEO Murray Auchincloss is stepping down immediately but will advise until December 2026. The change follows Auchincloss’ strategy reset earlier this year, which did not satisfy investors like activist Elliott Management and new board Chair Albert Manifold. Manifold aims to accelerate BP’s efforts for profitability and simplification, citing O’Neill’s transformation and capital allocation track record. O’Neill oversaw Woodside’s acquisition of BHP in 2022, hinting at potential future acquisitions by BP. Morningstar maintains a fair value estimate of GBX 470/USD 38.20 for BP, with doubts about the current strategy and concerns over oil prices in 2026. The next strategic update is expected before O’Neill takes over, likely involving divestments and cost reductions. Major acquisitions may be delayed but could be necessary for BP to compete with larger rivals.

Read more at Morningstar: BP: New CEO Signals Accelerated Pace of Turnaround