UPDATE: BHP Names Former Ford CEO Jac Nasser As New Chairman
August 04 2009 - 4:04AM
Dow Jones News
BHP Billiton Ltd. (BHP.AU) said Tuesday former Ford Motor Co (F)
Chief Executive Jac 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 miner's board as a non-executive 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
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 Billiton 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 worked for Ford for 33 years rising to become president
and chief executive in 1999, and is currently a partner of One
Equity partners, a director of British Sky Broadcasting PLC and a
member of the international advisory board of Allianz A.G.
UBS mining analyst Glyn Lawcock said both Nasser and Schubert
had strong credentials for the job and so the market had not been
too concerned about which man was chosen.
Nasser had a long and distinguished career at Ford and brought a
lot of positive attributes to the job, Lawcock said.
"He was well renowned for cost cutting which is something all
companies should continue to do and I'm sure that BHP, despite its
best efforts probably still has more to do," he said.
Nasser replaces 71-year-old Argus, a stalwart of the Australian
corporate scene and former chief executive of National Australia
Bank Ltd. (NAB.AU), who has been on BHP's board for 13 years and
has chaired the world's biggest miner since 1999.
Argus has been dubbed "Don't Argue" for his tough attitude, and
one analyst said BHP Billiton Chief Executive Marius Kloppers is
more likely to be able to sway the incoming chairman.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com