BHP Billiton CEO Marius Kloppers to resign
Marius Kloppers, BHP Billiton CEO, to resign in May.
The diversified resource company BHP Billiton has announced Wednesday that Marius Kloppers is resigning as CEO and director, effective this May.
There had been speculation that Kloppers, 51, might step down from his position for months. He will be replaced Andrew Mackenzie, 56, who heads the group’s nonferrous metals division.
Though Mr Kloppers, who joined Billiton in 1993 and was appointed the group’s chief executive in 2007, has been credited with guiding the Billiton through the global financial crisis, the company’s recently released earnings reports reveal a decrease in earnings for last year.
Billiton has announced a 38.3 percent fall in underlying earning to $9.8 billion before interest and taxes and a 43.4 percent decline in attributable profit for the second half of 2012.
Moreover, investors were displeased with Mr Kloppers’ ‘expensive’ bid for American shale interests that led to $2.8-billion write-down and cost the CEO his bonus for last year.
Andrew Mackenzie, who grew up near Glasgow, is a prize-winning scientist. Before joining Billiton in 2008, Mackenzie worked for BP for over two decades.
The move, given Mackenzie’s resume, is seen as an attempt by Billiton to ease its dependence on iron ore, where world prices have been lower over the past months.