BP names fourth CEO since 2020

Group 1 - BP faced operational challenges in 2024, with its customers and products business, including retail and green investments, not progressing as expected [3] - The company initiated a strategy to cut expenses by approximately $2 billion by 2026, resulting in thousands of layoffs globally, particularly in the retail segment, and plans to divest 10% of its company-operated convenience stores [3] - BP appointed Meg O'Neill as the new CEO, effective April 1, 2026, marking her as the first woman and the first external candidate to lead the company [5][7] Group 2 - O'Neill has a strong background in the energy sector, having served as CEO of Woodside Energy and holding various roles at ExxonMobil over 23 years [5] - The appointment of O'Neill follows a search process by BP's board and an independent recruitment firm, indicating a strategic move to enhance leadership during a challenging period [4][6] - O'Neill's track record in driving transformation and financial discipline is expected to position BP for growth and to pursue significant strategic opportunities [6]