Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Tuesday, March 03, 2015  

BHP profits slump 58%, CEO resigns
SYDNEY BHP Billiton said on Wednesday its boss Marius Kloppers will leave in May, weeks after the head of rival miner Rio Tinto resigned, with profits hit by weak commodity prices and cool Chinese demand.

After nearly six years at the helm, South African Kloppers will be replaced by Andrew Mackenzie, the chief executive of non-ferrous business at the world’s biggest miner.

The departure of Kloppers, who led the firm through the global financial crisis, came on the same day BHP reported that first half net profit plunged 58 per cent to $4.2 billion.

Chairman Jac Nasser gave credit to Kloppers for BHP outperforming rivals.

Demands for change surfaced in November as Kloppers failed to finalise big deals -- including a bid for Rio Tinto -- while he lost his bonus over hefty US shale gas and oil purchases.

However, the succession process had been expected to take a year or two.

Scotland-born Mackenzie, 56, who has spent 30 years working in oil, gas, petrochemicals and minerals, joined BHP Billiton in November 2008.

His appointment was “very aggressive from a timing point-of-view,” said IG Markets strategist Evan Lucas. “We knew it was coming, but this shows BHP is looking to get on to the front foot with a division it has been keen to invest in over the last few years - petroleum,” he said.

The departure of Kloppers comes after Rio chief executive Tom Albanese quit in January owing to $14.4 billion in impairment charges, while last Thursday it logged its first annual loss in 18 years.

And in October Anglo American’s US-born CEO Cynthia Carroll said she would step down owing to a weak performance as well as slumping platinum output on strike action in South Africa, which resulted in dozens of deaths. Anglo American on Friday posted an annual net loss of $1.49 billion -- its first in a decade -- after taking a $4.6 billion hit on the value of an iron-ore project in Brazil and platinum assets.

Agencies
NEWS UPDATES
Oman
Airport tax hike move leaves fliers confused
New laws set to intensify punishment for poaching
Craftsman day to be marked today
147m rials invested to boost power distribution
Other Top Stories
US envoy holds first meeting with Hadi in Aden
Iraq forces begin Tikrit offensive
Bio-terror bacteria gets out from US laboratory
Iran withholding key information, says IAEA chief
Tajik veteran to retain power, monitors cry election fraud
India
Congress names new chief in 5 states, Rahul’s imprints show
Marans appear in court in 2G case, seek bail
Prachi calls for boycott of films by three Khans
Fadnavis ‘VIP culture’ kicks up dust in House
Rajendran is new CPI chief in Kerala
PM eats at Parliament canteen, pays Rs29
Government on back foot over Mufti remarks
Fund collection by political parties rises 5 fold to Rs22b
Government brings cheer for Persons of Indian Origin
AAP rift out in open, Yogendra and Bhushan could face tough action
Nirbhaya accused blames victim
‘Accusations’ will not end communalism
Pakistan
PPP involved in horse trading with JUI-F: Imran
Improper storage damages kids’ vaccines worth $3.7m
Sharif will listen to complaints on helpline
Cops hunt for inmates who fled from Gilgit prison
Man, sister get death for murdering mother-of-five
Austria mission gets melodious start
Middle East
Abadi urges army to spare civilians in battle for Tikrit
Fire guts Jordan motor home, 4 refugees die
Haftar named Libya army chief, UN talks hit wall
Hamas’ path to reconciliation with Iran proves far from simple
Bomb blast near top court in Cairo wounds 11
Reopening of museum takes Baghdad residents by surprise
Asia
Chief suspect in American blogger murder arrested
Philippine army seizes MILF base, bomb factory in south
N. Korea fires missiles over South-US military drills
Anti-China activists clash with cops in new HK unrest, 38 held
Australian paedophile, 51, abused 18-month-old girl
155m view China smog film on Day 1
Business
Road gets smoother for family firms to tap MSM
Samsung unveils sleek S6 to take on iPhone
BankDhofar gets CBO approval to raise $300m fund
India’s tweaked policy targets inflation at 4%
India factory output slips to 5-month low
India budget shows commitment to keep fiscal deficit low: S&P
5G to be next big thing in wireless networks
Europe
Kerry, Lavrov in ‘hopeful’ talks to end Kiev crisis
Nemtsov murder was work of low-level criminals, say police
US army chief ‘concerned’ over Britain’s defence cuts
Erdogan tells finance minister to ‘shape up’
German ex-MP to settle porn case
Emwazi was part of group linked to failed London bombers
Sports
Cup triumph brings out kid in Mourinho
Schmid on track for double title success
Dalmiya is back as chief of BCCI
De Villiers looms large over Ireland
Strong bench key to Proteas’ campaign
Mountain fires worry Steyn ahead of landmark match
Mooney works on own helmet for safety
Ireland won’t be intimidated by SA, says captain
Swing kings put skids under run spree
Cummins to miss match against Afghanistan
Aussies’ Maxwell mocked for Kiwi ‘choke’ gesture
India are big tournament team: Hogg
Watson critics crank up heat after latest false start
Real squander chance to extend lead

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution