This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BHP Billiton CEO To Retire In May

SYDNEY (AP) â¿¿ BHP Billiton, the world's biggest mining company, said Wednesday its chief executive Marius Kloppers will retire in May. The company also announced a 58 percent fall in half-year profit.

Kloppers is the second CEO of a major mining company to resign since January. Rio Tinto PLC chief executive Tom Albanese resigned suddenly last month after the company announced a big loss on a recent acquisition in Mozambique.

Kloppers will be replaced on May 10 after six years at the helm by the chief executive of BHP's non-ferrous metals division, Andrew Mackenzie, 56.

BHP Billiton chairman Jac Nasser said Kloppers guided the mining giant through the global financial crisis.

"Despite an exceptionally difficult environment during his tenure, Marius and his team have delivered for shareholders, significantly outperforming our peers in terms of total shareholder returns," Nasser said in a statement.

"He drove new investments into next generation opportunities including U.S. onshore gas and liquids and created one of the most valuable companies in the world," he said.

Mackenzie has deep industry knowledge and global management experience, Nasser said.

Mackenzie held senior positions with Rio Tinto before joining BHP Billiton in 2008.

The announcement of Klopper's resignation came as the Anglo-Australian company posted a 58 percent fall in first half profit to $4.24 billion due to lower commodity prices and a weak U.S. dollar. The net profit for the six months to Dec. 31, 2012 was down from $9.94 billion a year earlier.

The latest result included $1.4 billion in one-time costs from asset sales. Profit excluding one-time items was $5.7 billion, down 43 percent from $9.94 billion the year before, due to falls in iron ore and other commodity prices in 2012.

Analysts had expected a net profit excluding one-time items of $5.69 billion.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs