British oil giant BP has named Woodside Energy CEO Meg O’Neill as its next chief executive, replacing Murray Auchincloss, who steps down today.

Carol Howle, BP’s executive VP for supply, trading, and shipping, will serve as interim CEO until O’Neill takes over on April 1, marking BP’s fourth CEO in six years.

Auchloss, who became CEO in January 2024, shifted BP’s focus back to core oil and gas after reversing his predecessor Bernard Looney’s green energy transformation.

BP has faced underperformance, with declining profits in 2023 and 2024, though recent leadership changes, cost-cutting, and oil discoveries have boosted investor confidence, CNBC has reported.

Following the announcement, BP shares rose 0.7%, continuing a 15% year-to-date gain.