Woodside shares tumble on shock CEO exit

Woodside Energy Group Ltd (ASX: WDS) shares are under pressure on Thursday.

In morning trade, the energy giant’s shares are down over 2% to $22.86.

Woodside shares fall on CEO exit

Investors have been selling the company’s shares today after it announced the shock exit of its CEO.

According to the release, Woodside’s CEO, Meg O’Neill, has resigned after accepting the role of CEO of BP Plc (LSE: BP).

The board has appointed Liz Westcott as acting CEO, effective today. The company notes that Westcott is a widely respected senior executive with deep global operational leadership.

Ms Westcott has led Woodside’s Australian Operations as executive vice president and chief operating officer Australia since joining Woodside in June 2023.

She was previously chief operating officer at Energy Australia, following a 25-year career at ExxonMobil working in Australia, the United Kingdom and Italy.

Woodside highlights that her career has spanned roles in strategic planning, operations, project management, and safety, technical and commercial leadership.

Speaking about the exit of Ms O’Neill, Woodside’s chair, Richard Goyder, congratulated her on her appointment as BP CEO. He 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.

Goyder was pleased with the appointment of Westcott as acting CEO and believes Woodside is in safe hands. He adds:

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.

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.

Following today’s move, Woodside shares are down 8% since the start of the year.

The post Woodside shares tumble on shock CEO exit appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended BP. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.