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So BP’s decision to do just that took the world by surprise.The move to disclose the exit of chief executive Murray Auchincloss late at night in London was a purely functional one, insiders have insisted, rather than being motivated by panic.Auchincloss’s successor, Meg O’Neill, is based in Australia, where she currently runs Woodside Energy. BP wanted to give investors there a chance to digest the news that Woodside’s boss was leaving before trading on the Sydney stock exchange began.Still, back on the other side of the world, the announcement was a bolt from the blue for many in the City. For more than a few, it was a welcome one.“The optics of the announcement may not look great, but this is a good decision,” says Ashley Kelty, an oil and gas analyst at Panmure Liberum. “O’Neill is respected in the sector and she’s the kind of chief executive BP needs right now.”Auchincloss is leaving after less than two years in the post, following an unhappy period that has seen BP besieged by activist investors after its ill-fated forays into green energy. Shares are down by around 16pc since he took over.The company, valued at £66bn, has also faced unwelcome speculation – denied on all sides – that it was being eyed as a takeover target by arch-rival Shell.BP under Auchincloss gave the impression of a business not in control of its own destiny.Murray Auchincloss departs as BP’s chief executive after less than two years in the role - Walaa Alshaer/BloombergAlbert Manifold, who took over as BP’s chairman in October, was not sparing when explaining his reasons for ousting Auchincloss.The beleaguered oil and gas company needed to become “simpler, leaner and more profitable”, he said, with more “rigour and diligence” required in the C-suite.Iain Pyle, senior investment director at Aberdeen Investments, which has a significant stake in BP, said: “Did BP need a change in CEO? I’m not sure it was necessary, but to drive genuine change at pace, I do think it is helpful to have a fresh voice at the top and for that to be external.“There was widespread perception that the new chair may want to make a change and it is best if that is done quickly and effectively.”He added: “When we met him [Albert Manifold] recently, it was very clear he would act to drive change through the business and, in particular, get BP back focused on what it does best, which is primarily upstream oil and gas production.”Elliot Management is also understood to be pleased with Manifold’s decision to act. A person familiar with the hedge fund’s thinking said it welcomed the appointment of an outsider.Manifold said O’Neill’s “record of driving transformation, growth and disciplined capital allocation” made her the right woman for the job.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,834.50 +59.74 (+0.88%)Dow 3048,134.89 +183.04 (+0.38%)Nasdaq23,307.62 +301.26 (+1.31%)Russell 20002,529.42 +21.56 (+0.86%)VIX14.91 -1.96 (-11.62%)Gold4,368.70 +4.20 (+0.10%)Trending tickersLAZR Luminar Technologies, Inc. 0.6044 +0.3844 (+174.73%)NBIS Nebius Group N.V. 89.46 +11.37 (+14.56%)RKLB Rocket Lab Corporation 70.52 +10.60 (+17.69%)SPCE Virgin Galactic Holdings, Inc. 3.5000 +0.2200 (+6.71%)ETH-USD Ethereum USD 2,973.82 +150.04 (+5.31%)PortfolioSign in to access your portfolioSign inTop gainersDJTWW Trump Media & Technology Group Corp. 9.94 +2.32 (+30.44%)FOLD Amicus Therapeutics, Inc. 14.18 +3.29 (+30.21%)FLY Firefly Aerospace Inc. 24.65 +4.58 (+22.82%)CRWV CoreWeave, Inc. 83.00 +15.32 (+22.64%)EWTX Edgewise Therapeutics, Inc. 25.55 +4.40 (+20.80%)Top losersLW Lamb Weston Holdings, Inc. 43.94 -15.39 (-25.94%)IRON Disc Medicine, Inc. 80.04 -10.40 (-11.50%)NKE NIKE, Inc. 58.71 -6.92 (-10.54%)OLMA Olema Pharmaceuticals, Inc. 27.93 -2.88 (-9.35%)KBH KB Home 57.39 -5.36 (-8.54%)Most activeBBAI BigBear.ai Holdings, Inc. 6.26 +0.63 (+11.19%)NVDA NVIDIA Corporation 180.99 +6.85 (+3.93%)FOLD Amicus Therapeutics, Inc. 14.18 +3.29 (+30.21%)HL Hecla Mining Company 19.67 +0.64 (+3.36%)WBD Warner Bros. 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