Ken MacKenzie, a former CEO of global packaging company Amcor, will be the next chair of BHP.
He replaces Jac Nasser, who used to run Ford, from September 1 after seven years in the role of chairman.
MacKenzie joined the BHP board as a non executive director in September last year.
“It is an honour and a privilege to succeed Jac Nasser as Chairman of BHP,” says MacKenzie.
“Under his leadership, BHP has been transformed into a simpler, more productive and more resilient company. As incoming chairman, I look forward to engaging with shareholders and other stakeholders over the coming weeks to understand their perspectives.”
He takes the role at a time when BHP is under pressure from activist shareholders to sell off underperforming assets and return capital.
CEO Andrew Mackenzie, speaking at the Bank of America Merrill Lynch Global Metals, Mining and Steel conference, says the big miner has made consistent progress, including cost cutting, better technology, growth projects and efficiencies, to grow the value of the company.
“We are confident that continued delivery of these plans, from our stronger base today, could grow the value of our Company by up to 50% and almost double the return on capital,” he says.
“We have achieved a great deal over the past year but we are not standing still.
“Our roadmap today contains an enhanced set of opportunities that will see us prosper and grow value per share throughout the cycle, and in multiple price scenarios.
“Above all, we will remain disciplined, and drive consistent and transparent application of our capital allocation framework, which includes cash returns to shareholders.”