BP’s CEO shake-up signals the end of its green energy era

Leadership Changes - BP has appointed Meg O'Neill as the new CEO, marking the fourth leadership change in six years [1] - O'Neill will be the first woman to lead one of the world's largest oil companies and aims to prioritize shareholder growth and reestablish BP as a market leader [1] - Murray Auchincloss, the interim CEO since 2023, will leave immediately, while O'Neill will officially take over in April next year [2] Board Restructuring - Albert Manifold has been named the new chairman of BP's board, coming from a background in the building materials industry [4] - This board shake-up is part of a broader strategy to enhance BP's competitiveness in the oil and gas sector [4] Company Performance and Challenges - BP's share price has struggled compared to peers like Shell and ExxonMobil, partly due to ongoing financial liabilities from the 2010 Deepwater Horizon disaster, which costs the company around one billion dollars annually [5] - The company is under pressure from activist investor Elliott Investment Management, which holds a 5% stake and is known for pushing significant changes in companies [4]