Ross McEwan has previously served as CEO of National Australia Bank and Group CEO of the Royal Bank of Scotland. Picture: Supplied
BHP non-executive director, Ross McEwan, will replace Ken MacKenzie as chairman of the resources group’s board with effect from next month.
BHP is ramping up its copper play to benefit from surging demand for the renewable energy commodity.
In the half year period to the end of December, BHP lifted copper production by 10% to 987 000 tons and hopes to top 1.8 million tons for its 2025 full year.
McEwan steps up into the chairmanship of the group at a time the group has been strengthening its portfolio despite Anglo American rejecting a bid for its copper assets last year.
“MacKenzie will retire from the Board of BHP Group Limited on 31 March 2025,” said the company on Wednesday.
He joined the BHP board in September 2016 and has chaired the global resource company since September 2017, overseeing “the strategic transformation of BHP’s portfolio towards future-facing commodities, with a strong focus on safety, disciplined capital management, world-class capability and culture, and a differentiated approach” to creating social value.
“BHP is (now) a simpler, more productive and more resilient company and this has been a result of a talented and committed team focused on creating sustainable long-term value for our shareholders, our supply chain partners and our communities,” said MacKenzie.
The appointment of McEwan to take over from MacKenzie as board chairman had followed a “formal succession process led by BHP senior independent director, Gary Goldberg”.
McEwan, an independent non-executive director for BHP since 4 April 2024, has over 30 years’ global executive experience in the financial services industry and has deep expertise in capital allocation, risk management and value creation in complex regulatory environments.
He has previously served as CEO of National Australia Bank and Group CEO of the Royal Bank of Scotland. Prior to that, he held executive roles at Commonwealth Bank of Australia, First NZ Capital Securities and National Mutual Life Association of Australasia / AXA New Zealand.
“As incoming Chair, I am committed to generating long-term value for all our shareholders and will work tirelessly with the Board and management to achieve this. I look forward to continuing to take this great company forward,” McEwan said.
He said MacKenzie was leaving BHP “more agile and well positioned” for the future, especially with the company’s increased focus on future facing commodities such as copper.
BHP and Lundin Mining in January completed the acquisition of Toronto listed Filo Corporation which runs the Filo del Sol copper project in Canada at a time prices of the commodity have peaked at 200 day highs, with bullish sentiment characterising the outlook.
Duane Hope, a partner at Capital10X, said new demand sources for copper included electrification and energy transition.
“New copper demand sources (include) electrification” with copper seen as a “big driver of net zero in transport, smart grids” among others, he said.
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