Woodside Energy Leadership Transition: New Chief Operating Officer Takes Acting CEO Role with A$1.8M Salary Package

Woodside Energy is undergoing a significant leadership restructuring as Meg O’Neill departs to assume the Chief Executive Officer position at bp p.l.c. In response, the Board has elevated Liz Westcott to the role of Acting CEO, effective December 18, 2025, marking a pivotal moment in the energy company’s strategic evolution.

The Rising Star: Liz Westcott’s Path to the Top

Ms. Westcott brings substantial operational credentials to her new position. Having joined Woodside in June 2023, she has rapidly established herself as Executive Vice President and Chief Operating Officer Australia, overseeing the company’s critical domestic operations. Her professional trajectory spans three decades, including a quarter-century tenure at ExxonMobil, where she gained extensive experience across multiple geographies—Australia, the United Kingdom, and Italy.

Her expertise encompasses strategic planning, project execution, operational management, and comprehensive safety protocols. Most recently, she served as Chief Operating Officer at Energy Australia before transitioning to Woodside, demonstrating her capacity to manage complex energy infrastructure at scale.

Compensation Structure and Terms of Engagement

Under her new Acting CEO arrangement, Westcott will receive an annual salary package (including superannuation contributions) totaling A$1,803,000. This Chief Operating Officer-level transition compensation includes a higher duties allowance of A$600,000 gross annually, reflecting the expanded responsibilities inherent to the chief executive role.

Her incentive arrangement for the current fiscal year remains stable under the Woodside Executive Incentive Scheme. However, her incentive opportunity for FY2026 will be recalibrated proportionally to align with her enhanced position as Acting CEO.

O’Neill’s Departure and Legacy Achievements

Ms. O’Neill’s tenure as CEO since 2021 reshaped Woodside’s operational footprint and financial performance. During her leadership, the company orchestrated the merger with BHP Petroleum, secured final investment decisions for the Scarborough Energy Project and Louisiana LNG Project, launched the Sangomar Project operations, and completed the Beaumont New Ammonia acquisition.

These strategic milestones translated into tangible shareholder returns, with approximately $11 billion in dividends distributed since 2022. The company’s diversified partnership approach across major projects further strengthened its market position and risk profile.

Chair Richard Goyder acknowledged O’Neill’s contributions, stating that her strategic direction established the foundation for sustained growth across Woodside’s global portfolio. O’Neill will maintain contractual benefits through March 30, 2026, during her gardening leave period, though she forfeits FY2025 incentive eligibility.

Strategic Continuity and Succession Planning

Westcott’s elevation ensures operational stability during the transition period. She will collaborate with Woodside’s Executive Leadership Team to maintain execution discipline across major capital projects while preserving the strategic direction outlined at the November 2025 Capital Markets Day.

The Board’s proactive succession planning framework identifies multiple qualified internal candidates, supplemented by external talent evaluation. The organization anticipates announcing a permanent CEO appointment during the first quarter of 2026, positioning Woodside for uninterrupted strategic execution and value creation through a structured, methodical process.

The company’s near-term priorities focus on safe operations, major project delivery, and unwavering commitment to operational excellence across its global asset base.