BHP picks former RBS boss Ross McEwan as chair | World Mining

BHP picks former RBS boss Ross McEwan as chair – World Mining News

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BHP has picked former bank boss Ross McEwan to be its subsequent chair, succeeding Ken MacKenzie, as expectations grow of a wave of dealmaking throughout the mining industry.

McEwan was chief govt of National Australia Bank for 5 years till last April and earlier than that led Royal Bank of Scotland, now known as NatWest, within the UK. He has been on BHP’s board since last April.

The race for copper, a key steel within the transition to inexperienced vitality, is predicted to drive consolidation throughout the mining industry. BHP, the world’s largest miner by market capitalisation, last 12 months failed in a £39bn bid for rival Anglo American. Rivals Rio Tinto and Glencore additionally held early-stage merger talks last 12 months.

The chair of BHP, Australia’s largest company, is seen as one of probably the most prized business roles within the nation. MacKenzie was anticipated to announce his departure this 12 months with McEwan, alongside board members Don Lindsay, former Teck Resources chief govt, and Michelle Hinchcliffe, a former KPMG associate, regarded as potential successors.

MacKenzie, a Canadian who has chaired the company since 2017, oversaw a vital restructuring of BHP as it withdrew from oil and gasoline markets, consolidated its itemizing in Australia and shuffled its portfolio to spice up its publicity to copper and shift away from coal.

McEwan, a New Zealander, constructed a robust popularity in banking after he was appointed to show round Royal Bank of Scotland in 2013 and was credited with returning the bank to revenue following its bailout during the worldwide financial disaster.

He was then appointed to steer National Australia Bank, Australia’s third-largest lender, after a public inquiry into misconduct within the sector triggered the exit of its chair and chief govt.

McEwan stated on Wednesday: “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.” 

BHP’s announcement was the second appointment within the Australian mining sector involving a former banker on Wednesday after Noel Quinn, who led HSBC, joined the board of iron ore miner Fortescue.

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