BHP's Andrew Mackenzie To Retire Three Months Earlier Than Expected

(RTTNews) - The outgoing chief executive officer of BHP, Andrew Mackenzie, will retire from company three months earlier than first planned, as his handover to Mike Henry progresses ahead of schedule.

Mackenzie was initially set to retire on June 30 after handing over the reins to Henry in January, but will now leave the world's biggest miner on March 31.

However, Mackenzie planned departure from the CEO role is still the end of 2019.

"The Board, Mr Mackenzie and Mr Henry are confident that the CEO transition is proceeding well and ahead of schedule, with Mike Henry assuming the role of Chief Executive Officer from 1 January 2020, as previously announced," BHP said in a statement.

BHP noted that Andrew Mackenzie will continue to be employed by the company until 31 March 2020 under the terms of the 2019 remuneration policy. The company will pay him a salary, make pension contributions and provide usual other minor benefits until then. His base salary is US$1.70 million per annum and pension contributions are 25 per cent of salary for fiscal year 2020.

Upon retiring, Mackenzie will be entitled to receive the accumulated value of funds under relevant pension plans, together with the value of any accrued leave.

Mackenzie will receive no severance payment, and no payment in lieu of notice.