BHP Billiton 58% Fall, CEO Retires

Global mining giant BHP Billiton (ASX:BHP) have announced its first half profits to shareholders, traders and investors participating on the sharemarket.

• BHP Chief Executive Officer Marius Kloppers has retired from his role after 6 years at the helm. He will step down on May 10 2013.
• 56-year-old Scottish raised Andrew Mackenzie, head of the BHP's metals business, will step up as new CEO. Mackenzie has a PhD in chemistry and first class degree in Geology and has published over 50 research papers.
• In a statement, Kloppers said, "Deciding the right time to retire was never going to be easy. However, after almost 20 years with BHP Billiton, 12 as a senior executive and nearly six as CEO, I believe now is the right time to pass (on) the leadership baton."
• BHP Net Profit in the six months to December 31 of US$4.24 billion down from $US9.94 billion in the previous corresponding period. The profit includes $US1.4 billion in one-off costs from asset sales.
• BHP Billiton had paid $77 million in MRRT for the first half 2013 FY.
• Profit excluding one-off items $US5.68 billion for the half, down 43.4 percent from $US9.94 billion.
• Underlying earnings before interest and tax (EBIT) US$9.8 billion were down 38 percent from US$15.7 billion.
• BHP Billiton Chairman Jac Nasser said, "Marius was appointed Chief Executive just prior to the global financial crisis. Despite an exceptionally difficult economic environment during his tenure, Marius and his team have delivered for shareholders, significantly outperforming our peers in terms of total shareholder returns. He drove new investments into next generation opportunities including US onshore gas and liquids and created one of the most valuable companies in the world. He leaves BHP Billiton a safer and stronger company. In succeeding Marius, Andrew brings a unique combination of deep industry knowledge and global management experience to the CEO role. Andrew held senior positions in BP and Rio Tinto before joining BHP Billiton in 2008. He has led our Non-Ferrous division for the last five years working across four continents with responsibility for over half of our 100,000 people. Our succession planning process has served the company well for over a decade. Today's announcement is a result of that planned and considered process. The Board has decided that Andrew is the right person to lead BHP Billiton in a changing global environment"
• BHP declared an interim dividend of 57 US cents per share.