Who is BP's new CEO and when does she start?

Meg O'Neill, an oil industry veteran, has been appointed BP's new CEO and will assume leadership in April 2026.

What is BP's plan to cut expenses?

BP aims to reduce expenses by approximately $2 billion by 2026 and has begun significant layoffs across its global operations.

Is BP selling off its gas stations?

Yes, BP is planning to divest about 10% of its company-operated retail sites globally as part of a business improvement strategy.

Home / Business and Economy / BP CEO O'Neill to Shake Up Company Amid Profit Woes

BP CEO O'Neill to Shake Up Company Amid Profit Woes

20 Dec

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Summary

Meg O'Neill appointed new BP CEO, effective April 2026.
BP aims to cut expenses by $2 billion by 2026; layoffs ongoing.
Company plans to divest approximately 10% of global retail sites.

BP CEO O'Neill to Shake Up Company Amid Profit Woes

Meg O'Neill, a seasoned oil industry executive, is set to become BP's next CEO in April 2026, marking the fourth leadership change since 2020. Her appointment comes as BP faces considerable challenges, including declining profits, weakened margins, and a stalled green energy strategy. The company has initiated a plan to reduce expenses by approximately $2 billion by 2026.

Thousands of global employees have been laid off as part of this cost-saving initiative, with about 60% of this year's reductions impacting the customers and products segment. This includes significant changes within the U.S. travel center chain, TravelCenters of America. BP is also in the process of divesting around 10% of its company-operated retail sites worldwide.

Despite the U.S. being a focus for BP's retail operations, the company is implementing a "targeted business improvement plan" for TravelCenters of America to boost adjusted free cash flow by $200 million to $300 million by 2027. The appointment of O'Neill, the first external CEO, is intended to accelerate these strategic adjustments.