Jac Nasser is stepping down as chairman of BHP Billiton, sparking a search for a replacement as the mining group faces up to forecasts of slower growth in the aftermath of the commodities boom.
On Thursday, Mr Nasser — the former Ford chief executive who has led BHP’s board since 2010 — told the group’s annual shareholder meeting that he would not seek re-election next year.
It caps a turbulent period for the world’s most valuable mining company. As the prices for many commodities soared to record highs, the Anglo-Australian group’s market value approached that of Apple — before a prolonged slump that accompanied slowing Chinese growth.
Under Mr Nasser’s chairmanship, BHP also had a mixed record on dealmaking, failing in a 2010 attempt to buy PotashCorp of Saskatchewan before spending $20bn in 2011 on US shale assets, which have now been largely written down in value. Last year, BHP dispensed with most of the assets it acquired in its 2001 merger with Billiton, spinning them off into a separate company.
Mr Nasser worked with two chief executives, appointing Andrew Mackenzie in 2013 to replace Marius Kloppers.
He told shareholders that he had intended to announce his retirement last year but decided to stay on as BHP tackled the aftermath of the Samarco dam collapse in Brazil, in which 19 people died.
“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 programmes 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,” Mr Nasser said.
With most of its shareholders in Australia, and with a requirement to maintain its headquarters in Melbourne under the terms of the Billiton merger, BHP is likely to seek an Australian to replace Mr Nasser.
BHP is also involved in a dispute with the Canberra government over its tax payments, reinforcing the need for the company — the largest corporate taxpayer in the country — to remain well connected in Australia.
Baroness Shriti Vadera, BHP’s senior independent director, will lead the process of recruiting a successor while Heidrick & Struggles, which has a longstanding role as a BHP adviser, will be involved.
Mr Nasser’s successor will be expected to lead a drive to recruit more women to BHP’s upper ranks, after Mr Mackenzie this week committed the company to achieve a 50:50 gender balance in its workforce by 2025.
Mr Nasser has been on BHP’s board since 2006. The Australian spent 33 years at Ford and is also on the board at 20th Century Fox.
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