👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

RPT-UPDATE 2-BHP chairman steps down after Samarco delayed retirement

Published 21/10/2016, 10:14 am
RPT-UPDATE 2-BHP chairman steps down after Samarco delayed retirement
BHP
-
BHPB
-
VALE
-

(Repeats with no changes)

* CEO says aspirational goal for "gender balance" at all levels

* Chairman led push for productivity, efficiency

* Samarco victims stage protest

By Barbara Lewis

LONDON, Oct 20 (Reuters) - BHP Billiton Chairman Jac Nasser will not seek re-election at next year's annual general meeting, he announced on Thursday, saying after 10 years at the top and overseeing the initial response to the Samarco dam disaster, it was time to retire.

Nasser said he had intended to resign last year but agreed to stay on at the world's biggest miner to provide stability as BHP BHP.AX BLT.L responded to the disaster in Brazil.

Now the "basic structure of the Samarco response is in place," Nasser said in a speech at this year's Annual General Meeting (AGM), he would not seek re-election, but would carry on leading the board in the interim.

BHP's Chief Executive Andrew Mackenzie in a separate speech said the company had set a 2025 goal of achieving "gender balance at all levels of the organisation over the next decade".

The 12-strong board has three women members.

Mackenzie declined to be drawn on whether there might be any particular considerations in deciding the new chairman, saying the board was engaged in an ongoing succession process.

Asked whether the new chairman might be a chairwoman, Nasser said "why not?" but he would not insist on a woman, adding changing the gender balance would take time.

As someone who grew up in the northern suburbs of Melbourne, Australia, Nasser, 68, said he had never expected to lead global companies.

He was named chairman of BHP in August 2009 and had joined the board as non-executive director in 2006.

Before that, he was CEO of Ford F.N , where his reputation as a cost-cutter earned him the nickname "Jac the Knife".

At BHP, Nasser experienced the China-led commodities boom and the bust, which the company had weathered better than peers, he said.

"We kept a solid A credit rating through the valley of the commodity price death," he said.

BHP had been ahead in enforcing a shift away from unfettered spending to a focus on productivity and efficiency, he added.

Nasser said he hadn't given much thought to what he would do next, but it was the right time to move.

"Whenever you join a board, I think you always have some timeframe in mind. My timeframe was in the order of 9 to 10 years," he said.

His last year has been what he described as "one of the most challenging periods" in BHP's history, largely because of the Samarco dam burst in which 19 people died. Samarco is a 50/50 joint venture between BHP and Brazil's Vale. VALE5.SA impacted by what Brazil says is its worst environmental disaster were among those who staged a protest outside Thursday's AGM in central London.

Mackenzie said the company was working flat out to rectify the damage and compensate those affected.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.