BHP Chair Ross McEwan reaffirms support for new CEO Brandon Craig

BHP Group Ltd Chair Ross McEwan said on Thursday the leadership transition at the diversified mining group had been "smooth".

Speaking to shareholders at an annual general meeting held on Thursday, McEwan reaffirmed that the board had made the right choice by picking an insider Brandon Craig as the new chief executive office with effect from July 1. Craig replaced Mike Henry, which stepped down at the end of June.

Craig brings more than 25 years of corporate and operational leadership experience across a diverse portfolio of commodities at the Melbourne, Australia-based diversified mining giant with a market capitalisation of ZAR3.26 trillion or £147.76 billion.

McEwan, who took over as chair in March last year, said the board Craig following a "thorough" succession process.

"He is the right person to lead BHP into its next chapter," the chair said, adding: "The board has great confidence in his leadership."

Since taking on the role in July, Craig has brought his own energy, clear thinking and deep operational experience, he said, noting that Henry left the company in "excellent shape". "And now we have Brandon in the driver's seat," he said.

McEwan also said BHP had a portfolio that is designed to perform through that cycle, withstanding the cyclical nature on mining characterised by peaks and troughs.

The chair said the miner delivered another "strong" year of operational and financial performance.

In August, the company reported that attributable profit rose 9.0% to USD9.83 billion in the financial year ended June 30 from USD9.02 billion a year prior. Basic earnings per share increased 8.9% to 193.6 US cents from 177.8 cents.

Revenue climbed 15% to USD58.76 billion from USD51.26 billion, with profit from operations surging 23% to USD23.87 billion from USD19.46 billion.

McEwan said on Thursday China remains a major centre of industrial activity and commodity demand, while India is entering what the group expects will be a multi-decade period of infrastructure investment, manufacturing growth and economic development.

At the AGM, Craig gave an account of his service at BHP. "I have worked across many parts of our business, in different commodities, different countries and different stages of the cycle," he told shareholders.

Shares ended down 4.2% at 2,908.00 pence on Thursday in London, and were 3.3% lower at ZAR643.32 in Johannesburg. In Sydney, shares finished down 2.4% at AUD57.13 on Thursday.

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