The Woodside Energy Group Ltd (ASX: WDS) share price is in focus today following the announcement that CEO and Managing Director Meg O'Neill has resigned to take up the top job at bp p.l.c. In response, Woodside has named Liz Westcott as Acting CEO, effective immediately, to steer the company through its next phase.
What did Woodside Energy report?
- Meg O'Neill has resigned as CEO and Managing Director, effective immediately, to become CEO at bp p.l.c.
- Liz Westcott appointed as Acting CEO, having served as Chief Operating Officer Australia.
- Board highlighted $11 billion in dividends paid to shareholders since 2022.
- Major recent milestones include the BHP Petroleum merger, execution of key energy projects, and portfolio growth.
- O'Neill will remain on gardening leave until 30 March 2026 but is not eligible for 2025 incentives; unvested performance rights lapse.
- Ms Westcott will receive an annual salary of A$1.8 million, including a higher duties allowance.
What else do investors need to know?
The leadership transition comes after a period of transformative growth for Woodside, with O'Neill overseeing significant expansions such as the Scarborough Energy Project and the Sangomar Project. The company says it remains on a strong strategic footing, with continued focus on delivering shareholder value.
Ms Westcott, Woodside's new Acting CEO, brings international experience from senior roles at ExxonMobil and EnergyAustralia. The Board highlighted her operational leadership and familiarity with Woodside's business as key reasons behind her appointment.
Meanwhile, the CEO succession process is ongoing, with both external and internal candidates under assessment. The Board aims to announce a permanent appointment in early 2026.
What's next for Woodside Energy?
Looking ahead, Woodside's priorities for 2026 will be safe and efficient operations, the execution of major energy projects, and maintaining the strategic course outlined at the recent Capital Markets Day. The company's Board is focused on ensuring a smooth CEO succession and uninterrupted execution of its growth plans.
Investors will be keeping a close eye on project milestones and the appointment of a permanent CEO next year. The company's operational and financial priorities remain unchanged during the transition.
Woodside Energy share price snapshot
Over the past 12 months, Woodside shares have risen 1%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 3% over the same period.
