Woodside (ASX:WDS) share price drops as CEO leaves to join a major rival

Core Viewpoint - Woodside Energy Group Ltd's share price has declined approximately 2% following the resignation of CEO Meg O'Neill, who is moving to BP, a major competitor [1][2][12]. Company Overview - Woodside Energy, established in 1954, has evolved into a global oil and gas company, engaging in the exploration, development, production, and supply of oil and natural gas [1]. - The company merged with BHP Group Ltd's petroleum segment in June 2022, enhancing its operational capabilities [1]. Leadership Changes - Meg O'Neill has resigned as CEO and Managing Director to take on the CEO role at BP, with Liz Westcott appointed as acting CEO effective December 18, 2025 [2][6]. - Liz Westcott has a strong background, having previously served as COO at Energy Australia and holding a 25-year career at ExxonMobil [3]. Financial Performance - Under Meg O'Neill's leadership, Woodside has paid approximately $11 billion in dividends to shareholders since 2022, reflecting strong business performance [4]. - The company is positioned for continued growth, with a focus on executing major projects and maintaining operational excellence [7]. Future Strategy - Woodside's priorities for 2026 include safe and efficient operations, execution of major projects, and adherence to the strategic course outlined during the November 2025 Capital Markets Day [7]. - The board is actively assessing both internal and external candidates for a permanent CEO appointment, aiming to conclude this process in the first quarter of 2026 [8]. Compensation Details - Liz Westcott will receive an annual salary of $1.8 million as acting CEO, which includes a higher duties allowance of $600,000 [10]. - There will be no change to her incentive opportunity for FY25, but it will increase for FY26 to reflect her higher salary [11]. Market Reaction - The Woodside share price has fallen 11% over the last month, influenced by declining liquefied natural gas (LNG) and oil prices [13]. - The current share price decline may present an opportunity for potential investors, although some analysts are cautious about adding Woodside to their portfolios [13].