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Top miner BHP promotes insider Mike Henry to CEO, shares fall

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Some investors had hoped for fresh blood at the Anglo-Australian giant

Mike Henry, incoming CEO of BHP, speaks during a news conference at the company’s headquarters in Melbourne, Australia, on November 14 2019. Picture: BLOOMBERG/CARLA GOTTGENS

BHP’s shares fell 1.6% in early trade after the announcement in a flat broader market, reflecting some investors’ disappointment. Under Mackenzie, BHP has overhauled itself, spinning off a raft of businesses and quitting its ill-fated US shale business to focus on iron ore, coal, copper and conventional oil and gas.

Earlier in 2019, Reuters reported that some institutional investors in Australia were pushing BHP to consider external candidates to replace him as CEO. BHP chair Ken MacKenzie said his deep operational and commercial experience in a career spanning the Americas, Europe, Asia and Australia made a “perfect mix” for a BHP CEO.

 

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