Jac Nasser has decided to call it quits at BHP

Jac Nasser. Greg Wood/AFP/Getty Images

Australian Jac Nasser has decided to step down as chairman of BHP, the world’s biggest mining company.

In a prepared address to be presented to the company’s AGM in London, the former CEO of the Ford Motor Company said he won’t be seeking re-election when his term comes up next year.

He had originally intended to announce his retirement last year but delayed because of the fatal mine disaster in Brazil in November.

“The board believed it was important that I continue on as chairman to provide stability as we responded to Samarco,” he said.

“Now that the basic structure of the Samarco response is in place, the findings of the expert panel have been published, the compensation and remediation programs have been initiated, and with BHP Billiton in robust shape, I have decided that I will not seek re-election at next year’s AGM.”

Nasser has been chairman since 2010 and a director since 2006. He turns 69 next month.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.