BHP Billiton has announced the appointment of outgoing Wesfarmers finance director Terry Bowen to its board.
BHP Billiton has announced the appointment of outgoing Wesfarmers finance director Terry Bowen to its board.
Mr Bowen, who is due to end his eight-year tenure at Wesfarmers by the end of the year, will join BHP as an independent non-executive director in October, alongside former BP executive John Mogford.
The outgoing Wesfarmers director was considered a top contender to succeed managing director Richard Goyder. That position went to Rob Scott, however, when Mr Goyder announced his retirement in February.
John Gillam was also considered a top pick for the role, but he left his post as the head of Wesfarmers’ Bunnings division late last year.
BHP chairman Jacques Nasser said the appointments would be excellent additions to the board.
“The appointments are the outcome of our structured and robust approach to board succession, and are based on a five-year planning outlook, consideration of the skills, experience and attributes required to effectively govern the business, and exhaustive global searches for suitable candidates,” he said.
“Terry has extensive operational, strategic and capital allocation experience, across a range of industries, gained through his role at Wesfarmers and prior roles.
“Terry and John will make significant contributions to the BHP board, supplementing and enhancing the current skills and experience of the other directors.”
Mr Nasser said with the two new board appointees coming in, Malcolm Brinded and Grant King (the former chief executive of Origin Energy) would not stand for re-election at BHP’s upcoming annual general meeting.
Mr Bowen also serves as chair of the WA Opera and is a board member of the West Coast Eagles Football Club.
He is also a council member at Scotch College.
BHP shares were 0.4 per cent higher to $26.09 each at midday.