Woodside Energy Group Ltd has officially appointed Elizabeth (Liz) Westcott as Chief Executive Officer and Managing Director, marking a significant leadership transition as the Company positions itself for long-term growth and value creation in a rapidly evolving global energy landscape.
The appointment follows a comprehensive recruitment process and comes after Ms Westcott served as Acting CEO since December 2025, stepping into the role after the departure of Meg O’Neill.
Figure 1: Elizabeth (Liz) Westcott, newly appointed CEO and Managing Director of Woodside Energy, brings over three decades of global energy leadership experience. [LinkedIn / Liz Westcott]
Leadership Transition at a Critical Juncture
Board Confirms Strategic Choice
Woodside Chair Richard Goyder emphasised the strength of the appointment, highlighting Ms Westcott’s leadership credentials and strategic capabilities.
“I am delighted with the appointment of Liz as Woodside’s next CEO and Managing Director.”
He noted that Liz’s strong history of strategic leadership and consistent, disciplined execution set her apart as the Board’s leading choice for the position.
He also stated, “Liz’s extensive industry experience and strategic vision will be invaluable in leading Woodside at this significant moment in its history, as we position the company to meet growing global energy demand and deliver long-term shareholder value.”
The Board’s decision reflects a carefully managed succession strategy, underscoring the depth of executive talent within the Company.
Extensive Industry Experience and Proven Track Record
Over Three Decades in Global Energy
Ms Westcott brings more than 30 years of experience across the global energy sector, having built a career that spans key international markets including Australia, the United Kingdom and Italy. Her extensive exposure to diverse operating environments has equipped her with a deep understanding of the industry’s evolving dynamics.
Prior to joining Woodside in June 2023, she held several senior leadership roles, most notably serving as Chief Operating Officer at EnergyAustralia. Before that, she spent 25 years at ExxonMobil, where she developed broad expertise across multiple disciplines and gained significant international experience.
Leadership Within Woodside
Since joining the Company, Ms Westcott has played a key role in advancing its Australian operations. She has led major initiatives, including oversight of the Scarborough Energy Project and management of the Bass Strait operator transition. In addition, she has driven operational excellence across Woodside’s core assets, ensuring consistent performance and efficiency.
Her appointment as CEO reflects continuity in leadership and execution, while reinforcing the Company’s commitment to disciplined growth and long-term value creation.
CEO Vision: Sustainable Growth and Operational Excellence
Focus on Long-Term Value Creation
Ms Westcott outlined her priorities as CEO, emphasising a balanced approach between growth and sustainability.
“Woodside is a great company with highly talented people and a proud track record of delivery for our customers and stakeholders.”
She emphasised that her priority as CEO would be to deliver long-term value for shareholders, while maintaining strong operational performance and executing the Company’s growth projects with discipline.
She mentioned, “I look forward to working closely with the Board and Woodside’s strong leadership team to continue building a leading global energy company that delivers long-term value for shareholders, underpinned by a consistent focus on sustainability and high performance.”
Her leadership is expected to centre on:
- Delivering major growth projects efficiently
- Strengthening operational performance
- Maintaining a strong sustainability framework
- Enhancing shareholder returns
Employment Terms and Incentive Structure
Competitive Executive Package
The Company has structured Ms Westcott’s remuneration to align with long-term shareholder value creation.
Key elements include:
- Fixed Annual Reward (FAR): A$2.3 million
- Short-Term Incentive (STI):
- Target: 180% of FAR
- Maximum: 270% of FAR
- Long-Term Incentive (LTI):
- 300% of FAR in performance rights
Additional features:
- STI delivered through a mix of cash and restricted shares
- LTI tied to performance over a three-year period
- Additional service conditions to ensure retention and alignment
This structure reinforces performance-based outcomes and long-term strategic alignment.
Strategic Implications for Woodside
Positioning for Global Energy Demand
Woodside enters this leadership transition at a time of increasing global energy demand and heightened focus on sustainability.
Key strategic priorities moving forward include:
- Advancing major LNG and energy projects
- Strengthening its global portfolio
- Navigating the energy transition
- Maintaining cost discipline and operational efficiency
Ms Westcott’s background in both traditional energy and operational transformation positions her well to steer the Company through these challenges.
Woodside’s leadership transition comes on the back of strong operational momentum, with the Company recently delivering record annual production of 198.8 MMboe in 2025, supported by standout performance from Sangomar and consistently high reliability across its LNG portfolio.
Share Price Performance Reflects Market Confidence
Woodside’s recent share price performance highlights growing investor confidence in its strategy and leadership direction.
Share Price Activity (ASX):
- Last Price: $31.535
- Change: +0.115 (+0.37%)
Performance Metrics:
- 1 Week: +4.49%
- 1 Month: +22.09%
- 2026 YTD: +33.68%
- 1 Year: +37.89%
Market Capitalisation: $59.95 billion
This strong performance underscores investor optimism around Woodside’s growth pipeline and leadership stability. The move came alongside the finalisation of Woodside Energy’s second-half 2025 dividend, an ordinary fully franked distribution of US$0.59 per share, scheduled for payment on 27 March 2026.
Investors’ Outlook
Woodside’s appointment of Liz Westcott as CEO signals continuity, stability, and strategic clarity. Investors are likely to view the transition positively given her deep operational experience and familiarity with the Company’s core assets.
Key investment considerations include the following:
- Strong leadership continuity from the Acting CEO role
- Proven execution capability on major projects
- Clear focus on shareholder value and disciplined growth
- Competitive positioning within the global energy sector
With robust share price momentum and a clear strategic roadmap, Woodside appears well-positioned to capitalise on favourable market conditions while navigating the complexities of the energy transition.
Frequently Asked Questions (FAQs)
1. Who is the new CEO of Woodside Energy?
Ans: Elizabeth (Liz) Westcott has been appointed as the Chief Executive Officer and Managing Director of Woodside Energy. She previously served as Acting CEO and brings over 30 years of global energy industry experience.
2. What experience does Liz Westcott bring to the role?
Ans: Ms Westcott has held senior leadership roles at major energy companies, including EnergyAustralia and ExxonMobil. Her expertise spans operations, project execution, strategic planning, and stakeholder engagement across multiple international markets.
3. What are her key priorities as CEO?
Ans: Her primary focus is on delivering sustainable long-term value for shareholders, maintaining operational excellence, and ensuring disciplined execution of Woodside’s growth projects.
