BP Appoints First Female CEO, Offering Massive Compensation
Meg O'Neill set to earn over £11.7M as new BP CEO, more than double her predecessor's pay. Joins from Woodside Energy as oil firm's first external hire to top job.
BP has made history by appointing its first female chief executive, Meg O'Neill, who will be taking home a staggering compensation package of at least £11.7 million this year - more than double what her predecessor earned.
O'Neill is set to join the 117-year-old oil company in April from Woodside Energy, an Australian energy firm, marking BP's first external hire to the top job. Her lucrative pay package underscores the oil giant's determination to attract top talent as it navigates the industry's transition towards renewable energy.
The incoming CEO's compensation will include a base salary, annual bonus, and long-term incentive awards, dwarfing the £5 million earned by her predecessor, Bernard Looney, in 2022. This substantial increase in pay highlights the premium BP is willing to pay to secure the services of an experienced and proven leader like O'Neill.
As the first woman to serve as BP's chief executive, O'Neill's appointment represents a significant milestone for the company and the broader energy sector, which has historically been male-dominated. Her selection is seen as a testament to her exceptional leadership skills and industry expertise, honed over her decades-long career in the oil and gas industry.
Source: The Guardian
