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BP's New Chief Bags £11.8M 'Golden Hello'
7 Mar
Summary
- New BP boss Meg O'Neill receives an £11.8m welcome package.
- O'Neill could earn up to £17.7m annually in her new role.
- Her predecessor's tenure ended after a costly green energy push.
Meg O'Neill is poised to assume leadership at BP next month, a transition marked by an impressive 'golden hello' of £11.8 million. This initial payout, combined with her potential annual remuneration, could see her earnings reach as high as £17.7 million per year. O'Neill's appointment signifies a historic moment, as she becomes the first woman to lead the energy giant in its 117-year history.
Her significant compensation package includes an immediate cash payout of approximately £1.7 million and share awards valued at £10.1 million. These are intended to compensate for bonuses forfeited from her previous role and cover relocation costs. O'Neill's basic salary will be £1.6 million, with additional benefits and a potential annual bonus of up to 225% of her salary.
The company's annual report detailed O'Neill's compensation, highlighting the remuneration committee's consideration of her extensive experience and leadership capabilities. This follows the departure of Murray Auchincloss, who left in December amid pressure from investors to improve performance and reduce debt. BP has recently faced financial consequences from its prior green energy investments, reporting a hit of up to £3.7 billion.
