2nd UPDATE: BHP Names Ex-Ford CEO Jac Nasser As New Chairman
August 04 2009 - 2:53PM
Dow Jones News
BHP Billiton Ltd. (BHP.AU) said former Ford Motor Co. (F) Chief
Executive Jacques Nasser will become its new chairman when
long-serving incumbent Don Argus retires early in 2010.
Lebanese-born Nasser, who migrated to Australia as a child,
joined the mining company's board as a nonexecutive director in
2006 and is a member of the board's risk and audit committee.
The 61-year-old lives in the U.S., but a spokeswoman for BHP,
the world's largest miner, said he has committed to spend the
majority of his time in Australia after taking up the
chairmanship.
Analysts welcomed the appointment and said Nasser may have edged
out rival contender, Commonwealth Bank Ltd. (CBA.AU) Chairman John
Schubert, because he is younger and BHP is looking for the
stability of another long-term chairman.
Senior independent director for BHP, John Buchanan, said Nasser
would make an excellent successor to Argus. "He combines deep
international business knowledge along with outstanding financial,
senior management and board experiences," Buchanan said.
Nasser's career at Ford spanned 33 years. He joined the company
in Australia as a financial analyst and rose to chief executive in
1999 with an ambitious plan to shake up the company's cozy
culture.
But he was ousted after less than three years on the job amid
eroding sales, a cash crunch and a management style that alienated
employees and dealers. Ford posted a net loss of $5.45 billion in
2001, the year Nasser left.
Nasser is currently a partner in investment firm One Equity
Partners LLC, a director of British Sky Broadcasting PLC (BSY) and
a member of the international advisory board of Allianz AG.
The 71-year-old Argus is a stalwart of the Australian corporate
scene and former chief executive of National Australia Bank Ltd.
Argus has been on BHP's board for 13 years and has been chairman
since 1999.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com