Ex-Ford CEO named chairman of BHP Billiton

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(Agencies)
Updated: 2009-08-05 01:31

BHP Billiton, the world's biggest miner, said that Jac Nasser, former chief executive of US automaker Ford, will become its new chairman next year. [Agencies]

DENVER: Former Ford Motor Co. CEO Jac Nasser has been named chairman of Australian mining giant BHP Billiton Ltd., replacing Don Argus who is retiring after nearly 11 years.

Nasser was appointed after an 18-month selection process, the Melbourne, Australian-based company said Tuesday. He also will remain a non-executive director, a position he has held since 2006. The appointment will take effect early next year.

Nasser is taking over as the world's third-biggest producer of iron ore has struggled amid the global economic downturn. Last month, BHP Billiton Ltd. agreed to sell 23 percent of its contracted iron ore at a one-third discount to last year's prices.

After 33 years at Ford Motor Co. in Detroit, Nasser resigned as chief executive and president in October 2001.

When Nasser became president and CEO in January 1999, Ford was reaping record profits and even appeared positioned to reclaim the title of world's No. 1 automaker from General Motors. By the time he left, the company was reeling amid quality problems.

Argus is retiring after 13 years on the BHP board, including more than 10 years as chairman. He also spent more than 40 years in the banking industry and is a former managing director and CEO of National Australia Bank Ltd.