New BP chief executive Meg O’Neill promised to ‘accelerate performance and drive innovation’ as she took the reins at the beleaguered oil giant yesterday.
In a shake-up under its new chairman Albert Manifold, the American has been tasked with leading a strategy now firmly focused on oil and gas.
It comes after an ill-fated foray into renewables under the previous leadership.
In a memo to staff yesterday, O’Neill, 55, said: ‘I believe we can safely accelerate performance and drive innovation, sustainability and growth.
‘I’m committed to providing clear direction and consistency so we can move forward together with confidence.’
Hired from Australia’s Woodside Energy, she is the first woman to lead BP in its 117-year history.
Fresh challenge: American Meg O’Neill, BP’s fourth chief exec since 2020, is seeking to turn around its performance after an ill-fated foray into renewable energy
She succeeds Murray Auchincloss, who abruptly departed in December after coming under pressure from US hedge fund Elliott Management to step up performance, slash costs, boost returns and reduce debt.
BP is benefiting from a surge in oil prices due to the Iran war, with its shares up by a fifth since the start of the conflict.
It has already cut billions from planned renewable energy projects and said that it would divest £15billion of assets by 2027.
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