Mining giant BHP on Friday named the former chief of Australian packaging giant Amcor as its new chairman as it grapples pressure from a U.S. hedge fund to restructure the business.
Mr. MacKenzie will assume the role in September, one year after he joined the company's board as a nonexecutive director.
Ken MacKenzie, the former boss of global packaging giant Amcor, will take up the reins as chairman on 1 September.
It marks a "changing of the guard" that should make it easier for BHP to review its legacy assets, particularly the oil-and-gas operations that some investors have questioned as an ill fit alongside iron-ore, copper and other mining businesses, he said.
Hedge fund Elliott Management has fired a barrage of criticism at Nasser and BHP Chief Executive Andrew Mackenzie since publicly releasing a roadmap of changes it wants at the company, most notably an exit from us oil and shale businesses.
Mr Nasser described Mr MacKenzie as an "excellent choice as leader of the board" and thanked BHP chief executive Andrew Mackenzie.
Murray cruises into French Open quarters
Unlike Nishikori, Murray has not forgotten their US Open quarter-final a year ago and is looking to make amends for one that got away.
MacKenzie will be under immediate pressure to bolster BHP's response to restive investors including Elliott, which claims management decisions have destroyed about $40 billion in value.
The Canadian executive, who lives in Australia, has over 23 years of global business experience and, according to Vadera, "has a proven track record of delivering value for shareholders".
In a statement, the United States investment group said: "BHP has an entrenched board, with long-tenured directors having approved the disastrous acquisitions and poorly timed share buybacks that are at the root of much of today's underperformance".
"As incoming chairman, I look forward to engaging with shareholders and other stakeholders over the coming weeks to understand their perspectives", Mr MacKenzie said in a statement. "He has a proven track record of delivering value for shareholders". I am committed to the creation of long-term value for all of our shareholders. The hedge fund Friday called on him to address the miner's "underperformance", review the management team and nominate new directors.
Nasser, who led BHP through a $9 billion spin off of unwanted assets in 2015, said in October he would step down from the board.
Chair Jac Nasser described Ken MacKenzie [pictured] as an "excellent choice as leader of the board".
Comments