BHP has appointed a new chief executive officer, Mike Henry, following a thorough succession process. Henry will assume the role of CEO and executive director on January 1, 2020, replacing Andrew Mackenzie who will retire.
Henry has been president of operations, Minerals Australia, since February 2016. He has been a member of the executive leadership team since 2011.
He joined BHP in 2003 and has 30 years of experience in the global mining and petroleum industry, spanning operational, commercial, safety, technology and marketing roles.
Chairman Ken MacKenzie said, “Mike Henry’s deep operational and commercial experience, developed in a global career spanning the Americas, Europe, Asia and Australia, is the perfect mix for our next CEO. I am confident his discipline and focus will deliver a culture of high performance and returns for BHP. Mike has been a strong advocate for the industry, driving higher standards of safety and a commitment to our local communities and global stakeholders.
Henry said, “I am honored and privileged to be appointed as CEO and to have the opportunity to lead the talented and hard-working people who make BHP a great company. For more than 130 years, through the ingenuity and commitment of its people, BHP has delivered shareholder value while successfully adapting its portfolio, operations and products. Today we are even safer, more predictable and more focused.
Key components of Henry’s remuneration are base salary of US$1,700,000 per year; pension contribution of 10% of base salary; Cash and Deferred Plan (CDP) target cash award opportunity of 80% of base salary, with two tranches of deferred shares to be awarded, each to the equivalent value of the actual cash bonus received, vesting in two and five years, respectively: and Long Term Incentive Plan (LTIP) award of 200% face value of base salary.