BHP Billiton shares slide as CEO retires

<p>The boss of BHP Billiton is the third major mining boss to step down in three months.</p>

BHP Billiton has become the third FTSE 100 mining giant to change its chief executive in as many months, as the industry steels itself for a prolonged period of sluggishness.

Former BP executive Andrew McKenzie will replace chief executive officer of the resources producer Marius Kloppers, who has headed the company for nearly six years.

The Scot will take on his new role in early May when Mr Kloppers retires.

His decision to round off his career at the head of BHP Billiton follows news Anglo American's boss Cynthia Carroll is stepping down, while Tom Albanese resigned from Rio Tinto in January.

Mr Kloppers – whose salary was cut from $11.6 million (£7.5 million) to $9.8 million – is not expected to receive a lump sum pay package.

Last year, BHP Billiton reported first-half profits were down by 43 per cent to $4.7 billion as a result of the decline in iron ore and other commodity prices.

At 15:20 GMT, shares in BHP Billiton fell by two per cent to 2188.00p per unit.

Learn all about CFD trading strategies and major individual shares at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.