The Woodside Energy Group Ltd (ASX: WDS) share price has fallen around 2% after announcing its CEO is resigning and moving to a major competitor.
Woodside was established in 1954 and has grown to become a global oil and gas company. It operates across the energy supply chain with exploration, development, production and supply of oil and natural gas. In June 2022 Woodside merged with the petroleum segment of BHP Group Ltd (ASX: BHP).
Woodside CEO leaves to join major competitor
Today, the company announced that Woodside CEO and Managing Director Meg O’Neill has advised the board of her resignation and has accepted the role of CEO at BP.
The Woodside board has appointed Liz Westcott as acting CEO, effective from today, 18 December 2025.
Liz Westcott has led Woodside’s Australian operations as Executive Vice President and Chief Operating Officer (COO) Australia since joining Woodside in June 2023.
Management said that Ms Westcott is “a widely respected senior executive with deep global operational leadership”. Her experience includes previously being the COO at Energy Australia and a 25-year career at ExxonMobil working in Australia, the UK and Italy.
Liz Westcott’s career has spanned roles in strategic planning, operations, project management, safety, technical and commercial leadership.
Woodside Chair Richard Goyder said:
The Board’s appointment of Meg as CEO in 2021 set the foundation for Woodside’s transformational growth over recent years. This strong business performance has been translated into approximately $11 billion in dividends paid to shareholders since 2022, and a growth trajectory which is expected to deliver significant value.
Meg leaves Woodside in a strong position, having led the company through the merger with BHP Petroleum, final investment decision on the Scarborough Energy Project, startup of the Sangomar Project, final investment decision for the Louisiana LNG Project, the Beaumont New Ammonia acquisition, introduction of a number of high quality partners in those projects and continued high performance across Woodside’s global operations portfolio.
Liz’s appointment as Acting CEO provides strong continuity for our business and its people. She will lead and work with Woodside’s highly capable Executive Leadership Team to continue to execute against Woodside’s strategy to deliver shareholder value through disciplined decision-making and operational excellence.
Woodside’s priorities for 2026 are clear. Liz and her team will focus on safe and efficient operations, execution of major projects and retaining an unwavering focus on staying the strategic course laid out most recently at Woodside’s November 2025 Capital Markets Day.
The Board’s ongoing focus on CEO succession planning means Woodside is fortunate to have a number of highly qualified internal candidates as we also assess external talent options to ensure the best possible CEO appointment. We are well positioned to conclude this process efficiently with the intention of announcing a permanent appointment in the first quarter of 2026.
Details of the handover
Woodside said that Meg O’Neill will continue to receive benefits in accordance with her contract until the end of her gardening leave period on 30 March 2026. The company noted that she won’t be eligible for any incentive for FY25 and all unvested performance rights and restricted shares for prior years will lapse.
Liz Westcott will commence as acting CEO on an annual salary (including superannuation) of $1.8 million. This includes a higher duties allowance of $600,000 gross per annum.
There will be no change to Ms Westcott’s incentive opportunity for FY25 under the Woodside Executive Incentive Scheme (EIS). However, her incentive opportunity for FY26 will be increased pro rata to reflect her higher salary as acting CEO.
Summary thoughts on the Woodside share price
It is likely a good move by Woodside to choose someone internally as the acting CEO as she is already knowledgeable about the company operations and culture. It will be interesting to see who Woodside decides to appoint permanently and time will tell how long that decision will take.
With the Woodside share price down around 2% today, it seems that investors are disappointed to lose Meg O’Neill’s leadership.
The Woodside share price has fallen 11% in the last month amid a fall for liquified natural gas (LNG) and oil prices.
Environmental concerns aside, the Woodside share price is drifting towards a multi-year low which may be appealing for interested investors. However, it’s not a business I’m looking to add to my portfolio and there are other ASX dividend shares I’m interested in.
