BP Chairman Albert Manifold on Friday announced plans for a slimmer board as part of the British oil major’s reset strategy, with former Shell chief financial officer Simon Henry among those departing.
The leaner board is another of Manifold’s changes since coming on as chairman in October. Since then, Murray Auchincloss abruptly departed as CEO in December, with Woodside Energy’s Meg O’Neill set to take over the top role starting in April.
O’Neill is BP’s first external hire for the post in over a century. She will receive a base salary of 1.6 million pounds, according to the company’s annual report on Friday. Outgoing CEO Auchincloss earned 5.3 million pounds ($7.07 million) last year, down from 5.4 million pounds in 2024.
BP’s profits for last year were 16% lower than the previous year’s at $7.5 billion. The British oil major announced in February it had suspended its share buybacks to focus on shrinking its debt. The company embarked on a major strategy shift last year, slashing billions in planned renewable energy initiatives and shifting its focus back to traditional oil and gas.
The strategy shift came after an ill-fated foray into renewables by Auchincloss’ predecessor, Bernard Looney.
(Reporting by Stephanie Kelly; Editing by Elaine Hardcastle and Tomasz Janowski)