Woodside (ASX:WPL) share price slips as CFO jumps ship mid-merger

One of Woodside's leaders has decided to leave the company weeks before its $41 billion merger.

The Woodside Petroleum Limited (ASX: WPL) share price is in the red today amid news the company's chief financial officer (CFO) has resigned ahead of its merger with BHP Group Ltd's (ASX: BHP) petroleum assets.

News of Woodside CFO Sherry Duhe's notice has come one day after the company announced its plan to sell 49% of its Pluto Train 2, which will become a joint venture.

At the time of writing, the Woodside share price is $22.38, 0.53% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.6%. The S&P/ASX 200 Energy Index (ASX: XEJ) has also fallen 0.4% today.

Let's take a look at today's non-price sensitive news from the oil and gas producer.

oil and gas worker checks phone on site in front of oil and gas equipment

Image source: Getty Images

Woodside on the look out for a new CFO

The Woodside share price is lower today after the company announced its CFO will be leaving to move to another ASX-listed company early next year.

That other ASX company is gold miner, Newcrest Mining Ltd (ASX: NCM), which announced Duhe will be joining its leadership team shortly before Woodside's own announcement.

The leadership change means that Woodside will be warming up to a new CFO just as its merger with BHP's oil assets is finalised. The merger is set to see Woodside walk away with a $41 billion market capitalisation.  

It's expected to occur in the upcoming June quarter.  

Woodside CEO Meg O'Neill commented that Duhe's leadership was "central" to setting up the merger. She also played a major role in the "financial and commercial architecture" of the company's Scarborough Project.

A final investment decision on the $15.8 billion Scarborough Project is expected to be made before the year ends.

Duhe's resignation comes just months after O'Neill was permanently instated as Woodside's CEO after holding the reins since April. On Duhe's leaving, O'Neill commented:

Sherry's financial and commercial stewardship of Woodside over the last four years has been integral to continuing Woodside's success. Over this time she has maintained a strong balance sheet which has provided Woodside's resilience in challenging trading circumstances.

The process to find a new CFO for Woodside is now underway.

Woodside share price snapshot

The Woodside share price has fallen 11.3% over the last 30 days.

It is also currently 2.9% lower than it was at the start of 2021.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

A woman holds her finger to the side of her lips in contemplation as she looks upwards to an array of graphic images of light bulbs above her head, one of which is on and glowing.
Energy Shares

Is the Woodside share price a buy following its dividend policy change?

Is the energy giant trading at attractive value?

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

Woodside shares slump 5% on Thursday: Buy, sell, or hold?

Find out what happened today, and what the experts tip next.

Read more »

A woman looks sideways at a graphic near her head reading CO2 with a downward arrow.
Energy Shares

Uranium price tipped to rise 38%. Here's why and which ASX shares brokers rate a buy

Here are the official forecasts for yellowcake and which uranium shares the experts rate a buy.

Read more »

A service station attendant crosses his arms and smiles towards the camera with a backdrop of petrol bowsers and a drive-through facility.
Energy Shares

Are Santos shares still a buy after latest oil price crash?

Here's what the experts think.

Read more »

Woman calculating dividends on calculator and working on a laptop.
Energy Shares

If I invest $5,000 in Santos shares today, what could they be worth by late October 2027?

Santos shares have boomed 45% higher over the past 12 months.

Read more »

Engineer in the oilfield wearing red helmet and work clothes, with pumpjack and wellhead in the background.
Energy Shares

Would I buy Woodside or Santos shares if oil prices remain high?

One has major new developments on the way, while the other is already seeing production growth.

Read more »

An oil worker holds his hands in the air in celebration in silhouette against a seitting sun with oil drilling equipment in the background.
Energy Shares

Can Woodside shares rally to fresh 52-week high?

Are the oil and gas major's shares a buy, sell, or hold now?

Read more »

Smiling oil worker in front of a pumpjack.
Energy Shares

Woodside Energy vs Beach Energy: Which ASX energy share is better for young investors right now?

Woodside Energy vs Beach Energy: which ASX energy stock looks best a 20 year old investor?

Read more »