Energy Giant's Leadership Shift: Inside the CEO Succession and New Executive's A$1.8M Salary Package

2026-01-15 22:40:52

Woodside Energy is making a significant leadership move. Meg O’Neill, who has steered the company through major transformations since 2021, is stepping down to take the top role at bp. Liz Westcott, currently leading Woodside’s Australian operations, is stepping into the Acting CEO position effective December 18, 2025.

Who Is Liz Westcott? A Deep Look at the New Acting Leader

Before taking on this expanded responsibility, Westcott served as Executive Vice President and Chief Operating Officer of Australia—a position she’s held since joining Woodside in mid-2023. But her pedigree runs deeper. She brings 25 years of international energy sector experience, including significant stints at ExxonMobil across Australia, the UK, and Italy, and served as Chief Operating Officer at Energy Australia before joining Woodside.

Her career trajectory spans strategic planning, operational leadership, project management, and technical oversight—exactly the skill set Woodside needs right now.

The Salary Question: What’s the COO-to-CEO Pay Jump?

Here’s where it gets interesting. As Acting CEO, Westcott will earn A$1,803,000 annually (including superannuation), with a higher duties allowance of A$600,000 gross per year factored in. This Chief Operating Officer salary structure reflects the significant responsibility increase she’s taking on.

For context, her previous COO position didn’t come with this level of compensation adjustment. The A$600,000 duty allowance essentially recognizes the expanded scope of leading the entire organization versus managing a regional division.

What Westcott Inherits: A Company in Strong Position

O’Neill didn’t leave the organization empty-handed. Under her leadership, Woodside:

Merged with BHP Petroleum and consolidated operations
Moved forward with the Scarborough Energy Project and Louisiana LNG Project final investment decisions
Brought the Sangomar Project online
Acquired Beaumont New Ammonia operations
Distributed approximately A$11 billion in dividends to shareholders since 2022

Westcott now inherits this growth trajectory. Her immediate priorities for 2026 are clear: maintain safe, efficient operations; execute major projects; and stay the strategic course outlined at the company’s November 2025 Capital Markets Day.

What Happens to O’Neill?

O’Neill receives benefits through March 30, 2026 (her gardening leave end date) but won’t receive any FY2025 incentive payouts. All unvested performance rights and restricted shares from prior years will lapse.

Succession Planning: The Board’s Next Move

This isn’t a permanent appointment. The Board plans to evaluate both internal candidates and external talent before naming a permanent CEO in Q1 2026. Westcott’s Acting role buys them time to conduct a thorough search while maintaining operational continuity.

The message is clear: energy companies are still shuffling deck chairs at the top, but Woodside is managing the transition methodically. Westcott’s international experience and proven track record make her a credible placeholder—and potentially a candidate for the permanent role.

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