The new boss of BP will get a ‘golden hello’ worth £11.8m and could be paid as much as £17.7m a year.
Meg O’Neill takes over next month after predecessor Murray Auchincloss’s abrupt departure following the oil giant’s disastrous push into green energy.
The former Exxon Mobil executive, from the US, will become BP’s first female chief in its 117-year history.
She will bank a cash pay-out of about £1.7m, plus share awards worth £10.1m to make up for missed bonuses from her previous employer, Australia’s Woodside Energy, as well as the cost of relocation to the UK.
O’Neill will be paid a basic salary of £1.6m and pension and benefits worth £458,170. She will be in line for an annual bonus of as much as 225 per cent of her salary, or £3.6m, plus performance-based share awards worth up to five times her wage – or £8m.
That adds up to a total of £13.7m and could reach £17.7m if the value of share awards rise by 50 per cent by the time they vest.
Cashing in: Meg O’Neill takes over next month after predecessor Murray Auchincloss’s abrupt departure following the oil giant’s disastrous push into green energy
The details emerged in BP’s annual report yesterday.
It said that its remuneration committee had considered O’Neill’s proven track record and her experience and leadership credentials.
Auchincloss left in December after coming under pressure from US hedge fund Elliott Management to step up the company’s performance, slash costs, boost returns and slim down BP’s debt pile.
Under the leadership of Bernard Looney and then-finance chief Auchincloss, BP made an ill-executed push into renewables. The latter then performed a U-turn after he took over as chief executive.
Since his exit, BP has been counting the cost of the push, announcing a hit of up to £3.7billion, and last month scrapping a £550m payout to shareholders as it faces a £16bn debt pile.
Auchincloss still raked in a £5.3m pay package last year, up £100,000 from the year before. It brings his total pay since taking charge in 2023 to £15.9m.
He remains a BP employee until December, entitling him to a further £1.5m.
The disclosure of O’Neill’s pay comes a day after Rolls-Royce revealed a package for boss Tufan Erginbilgic that could be worth as much as £24m.
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