BHP promotes Brandon Craig to CEO from July 1

BHP (ASX, LSE, NYSE: BHP) said company veteran Brandon Craig will succeed Mike Henry as CEO at midyear and oversee the next stage of the giant company’s diversification away from steelmaking materials.

Craig will replace Henry and join the board on July 1, the Melbourne-based miner said in a statement dated Wednesday. Henry will step down after six and a half years leading the world’s largest miner by market capitalization and continue to “provide support” until Nov. 30.

Craig runs BHP’s Americas business, where he guides operations and growth initiatives in Canada, the United States and South America. The role includes stewardship of key copper assets and the company’s push into “future-facing” commodities such as potash with the Jansen project in Saskatchewan.

“It is an honour and privilege to succeed Mike Henry as CEO of BHP,” Craig said in the statement. “Thanks to his leadership, BHP is well positioned for the future. Mike will be remembered for his strategic decision-making, portfolio transformation, operational excellence and focus on safety and high-performance culture.”

Quarter century

Craig has been with BHP since 1999. Over his career he has held senior leadership roles across the group’s aluminium, coal and corporate divisions. Before running operations in the Americas, he managed the Western Australia iron ore business, where he oversaw improvements in operational performance and helped maintain BHP’s position as one of the lowest-cost iron ore producers globally.

His operational experience and track record in multiple parts of the company made him well suited to lead the global miner through its next phase of growth, BHP chair Ross McEwan said.

Henry presided over significant changes to BHP’s portfolio and strategy. Under his leadership, the company simplified its corporate structure, spun off its petroleum business and sharpened its focus on commodities linked to decarbonization and electrification, particularly copper and potash.

BHP also strengthened its balance sheet and operational performance. It returned about $80 billion (C$110 billion) to shareholders during Henry’s leadership while positioning itself for long-term growth through large-scale investments in copper and the Jansen project. Total shareholder returns averaged 17% per annum during his tenure, the company said.

Red metal

Copper has become increasingly central to BHP’s portfolio, with the miner now among the world’s largest producers of the metal.

The leadership transition follows a formal succession process by the board. It comes at a time when global mining majors are positioning for rising demand for energy-transition metals and tightening supply across key commodities.

Craig, who will entitled to a relocation allowance to support his move to Melbourne, will be paid an annual salary of $1.9 million. He will be eligible to participate in BHP’s programs for deferred payments, equity and long-term incentives.