Dismantling Petro-masculinity: Can BP Challenge Big Oil's Legacy Of Hiring Male CEOs?

The energy sector has long been a bastion of male leadership, with industry giants such as Exxon Mobil Corporation, Chevron Corporation, Shell PLC, and BP Plc BP rarely venturing out of traditionally masculine leadership norms.

However, BP, a British oil titan with a history stretching back 114 years, is poised to challenge this status quo, potentially breaking Big Oil's gender ceiling, according to Bloomberg.

The company recently said goodbye to its dynamic CEO, Bernard Looney, after investigations showed undisclosed workplace relationships. Murray Auchincloss, the company's CFO, is acting as CEO on an interim basis. 

Read More: Oil Giant BP's CEO Resigns Amid Investigation On Personal Conduct

Auchincloss is also in a relationship with a BP employee, though the company says it was fully disclosed when he became CFO, Bloomberg noted.

All Eyes On BP To Break "Petro-masculinity"

As the company enters a post-Looney era, all eyes are on the potential for a female CEO — a move that would signal the end of an age-old "petro-masculinity."

BP is reportedly more gender-balanced than most of its industry counterparts. Women comprise 39% of employees and 30% of senior leaders, higher than before the pandemic, the report pointed out. 

By 2030, BP aims to have women fill at least half of its roughly 400 leadership roles and 40% of the positions at every other level, Bloomberg reported, citing a spokesperson.

As it stands, six out of BP's 11 top executives are female, with Anja-Isabel Dotzenrath and Carol Howle topping the list of CEO hopefuls.

Dotzenrath is the executive vice president of gas and low carbon energy, and Howle is the executive vice president of trading.

Also Read: Why BP Stock Is Rising

Winds Of Change Are Blowing?

According to McKinsey & Co., only 13% of C-suite positions in the U.S. oil and gas sector are held by women, and Boston Consulting Group reports that, globally, women have just 22% of oil and gas jobs. 

Navigating against the tide, two women, Vicki Hollub at Occidental Petroleum Corporation and Woodside Energy Group Limited's Meg O'Neill already spearhead major international oil enterprises. 

Jane Stevenson, global leader for CEO succession at Korn Ferry, told Bloomberg the need for change, stating some energy firms are "set up for male norms," which can be limiting. 

Katie Mehnert, CEO of privately-held Ally Energy, underscored the issue, telling the outlet, "There's not a lack of women. There's a lack of visibility and opportunities for them to progress."

BP's potential move to a female CEO isn't just about gender. 

It's a chance to usher in a new era of diverse thought, background, and perspective — tools that will be vital in addressing the energy challenges of the future.

BP Price Action: BP ended Friday’s session down 0.88%, at $38.75, according to Benzinga Pro.

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