New chief executive at BHP named

Source: Stock Market Digital

Date :31/05/2007 09:55:53

The world's biggest mining group, BHP Billiton, has named Marius Kloppers as its new chief executive.

Kloppers replaces Chip Goodyear, who announced his retirement earlier in the yea, on October 1. He is an internal appointee, having been head of the group’s non-ferrous division. A former management consultant, 44 year-old Mr Kloppers joined Billiton in 1993 before its merger with BHP and was instrumental in the creation of the group's aluminium empire. The company is headquartered in Australia but listed on the London Stock Exchange

The appointment is seen by analysts as a sign of good succession planning on the part of BHP. However they also observe that he will be under pressure to do deals following the recent spate of consolidation in the mining sector.

Chairman Don Argus said the Board was confident that Mr Kloppers would bring to the CEO role the skills needed to take the company to the next stage of its development.

"We are in a time of considerable change in our industry with the emergence of new markets and sources of supply. Marius’ vast experience in the resources sector and his demonstrated strategic capabilities provide the skills we need in the next leader of our great company", he said.

It has also been suggested that BHP, might be interested in buying one of its competitors such as Rio Tinto or Alcoa.