Woodside Names Liz Westcott Acting CEO After Meg O’Neill’s Exit to bp

Leadership Change at Woodside

Woodside Energy Group has announced a significant leadership transition with the resignation of its CEO and Managing Director, Meg O’Neill. O’Neill will be departing to take on the role of Chief Executive Officer at global energy giant bp p.l.c., marking a notable move within the energy sector’s executive ranks. This change comes as Woodside continues to navigate a period of transformational growth and strategic expansion.

The Woodside Board has swiftly appointed Liz Westcott as Acting CEO, effective immediately from 18 December 2025. Westcott, who joined Woodside in mid-2023 as Executive Vice President and Chief Operating Officer for Australian Operations, brings extensive operational leadership experience. Her background includes a 25-year tenure at ExxonMobil and a senior role at Energy Australia, underscoring her deep industry expertise and familiarity with Woodside’s operations.

Strategic Continuity and Future Direction

Chair Richard Goyder praised O’Neill’s leadership, highlighting her role in driving Woodside’s merger with BHP Petroleum, advancing major projects like Scarborough and Louisiana LNG, and delivering approximately $11 billion in dividends since 2022. Under her stewardship, Woodside has positioned itself for continued growth and value creation.

Westcott’s appointment as Acting CEO is seen as a move to maintain operational stability and strategic momentum. The Board emphasized that Woodside’s priorities for 2026 will focus on safe, efficient operations and disciplined execution of major projects, aligned with the strategic framework outlined at the company’s recent Capital Markets Day.

Succession Planning and Executive Terms

The Board has initiated a formal CEO succession process, considering both internal and external candidates, with the goal of announcing a permanent CEO in the first quarter of 2026. This measured approach reflects Woodside’s commitment to strong governance and ensuring the right leadership fit for its next phase.

Regarding O’Neill’s departure terms, she will remain on gardening leave until 30 March 2026, during which she will continue to receive contractual benefits but will forfeit any FY2025 incentives and unvested equity awards. Westcott’s acting CEO salary is set at A$1.8 million, including a higher duties allowance, with incentive opportunities adjusted accordingly for her new role.

This leadership transition arrives at a pivotal moment for Woodside, as it balances ongoing project execution with strategic growth ambitions in a rapidly evolving energy landscape.