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