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Westcott took over as acting CEO in December last year following Meg O’Neill’s appointment with UK-based energy giant BP.
Since joining the company in June 2023, Westcott has led Woodside’s Australian operations, including the Scarborough energy project and Bass Strait operator transition, as executive VP and CCO Australia.
She was previously the CCCO at EnergyAustralia, following a 25-year career at ExxonMobil working in Australia, the United Kingdom, and Italy, including a secondment in 2013 to Adriatic LNG as managing director.
Woodside chair Richard Goyder said in a statment that Westcott’s appointment follows a
“comprehensive recruitment process involving exceptional internal and external candidates.”
Goyder said Westcott’s appointment reflected the “depth of executive talent at Woodside, the result of considered succession planning overseen by the board.”
Westcott said she was honoured to lead Woodside.
“My focus as CEO is on sustainable value creation for Woodside shareholders, operational excellence and disciplined execution of our growth projects,” she said
“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,” Westcott said.
More than $1.64 million
According to Woodisde, Westcott’s fixed annual reward (FAR) on appointment will be A$2.3 million ($1.64 million).
This includes base salary, benefits and allowances, statutory minimum superannuation contributions, directors fees for all Woodside companies, and salary continuance benefits.
In addition, Wescott is eligible to receive a variable annual reward, which from fiscal 2026, comprises a short-term incentive (STI) and long-term incentive (LTI) component.
The STI opportunity is 180 percent of FAR at target, with a maximum of 270 percent of FAR.
On the other hand, the STI will be delivered in two equal components: cash and restricted shares, with the restricted shares subject to a two-year deferral period.
Any portion of the STI award above target will be delivered entirely as restricted shares, Woodside said.
The LTI opportunity is 300 percent of FAR, and will be delivered in performance tights.
Woodside said that performance rights will be tested over a three-year performance period, and will be subject to an additional two-year service condition after the end of the performance period.