BHP Billiton appoints new chief executive

BHP Billiton, the world’s biggest mining company, has appointed a new chief executive as it reported a 58 per cent decline in first-half profit.

Andrew Mackenzie (56), head of the Australian based group’s copper division, will succeed Marius Kloppers (50), who failed to deliver on about $200 billion (€150bn) of potential takeovers, on May 10th.

Under Kloppers, who became chief executive in 2007, the aborted or rejected deals included hostile bids for Rio Tinto Group and Potash of Saskatchewan. Kloppers is the third head of a global mining company to step down since October as producers struggle with project write-downs, escalating costs and the aftermath of failed deals.

The appointment of Mackenzie won’t change BHP’s strategy, chairman Jac Nasser said in Sydney. – (Bloomberg)