BHP Prepares to Start Succession Process for Mining’s Top Job

Geraldine Slattery, president of Australia at BHP Group Ltd., speaks at the Financial Review Business Summit in Sydney, Australia, on Monday, March 11, 2024. The summit runs through March 12. Photographer: Brent Lewin/Bloomberg Photo by Brent Lewin /Bloomberg

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(Bloomberg) — BHP Group is preparing to begin looking for a new chief executive officer in the coming months, with key lieutenants already jostling for position to succeed boss Mike Henry at the top of the world’s biggest miner. 

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The understanding at BHP is that Henry is now heading toward the end of his tenure, according to company insiders. They emphasized that no decision has been made. But some people close to the company say a change could come as soon as early next year, and some top executives have begun increasing their interaction with investors and other stakeholders ahead of a likely succession process. 

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The internal frontrunners for the role are seen to be Geraldine Slattery, who heads the company’s Australian mines, Chief Financial Officer Vandita Pant, and Ragnar Udd, who runs the commercial team. However, the CEO search is also likely to include external candidates, according to people familiar with the matter, who asked not to be identified discussing private information.

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A change of leadership would come at a pivotal time for both BHP and the wider mining sector. The company and its biggest rivals spent the past couple of years pursuing a series of failed mega deals, while President Donald Trump’s trade war has cast a new level of uncertainty over future demand for key commodities. 

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BHP itself is embarking on a slew of expensive growth projects and Henry’s successor is likely to face some tough questions about capital allocation, including whether the company can pursue its aggressive spending plans while sustaining its dividend and debt policies. 

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The miner is already tightening its belt and has significantly sharpened its focus on cost cutting across its business, some of the people said.

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BHP declined to comment.

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The process to find a replacement for Henry is likely to kick-start in earnest in the coming months, the people said, making it one of the first major tasks of new Chairman Ross McEwan. Henry has led BHP since January 2020, which means that an early 2026 departure would mean he has completed a six-year tenure — roughly in line with his most recent predecessors. 

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During that time, the 59-year-old BHP veteran has reshaped the company. Within the first two years of his leadership, the miner announced plans to sell its oil and gas business and dismantle a dual listing structure, as well as approving a giant potash mine in Henry’s native Canada.

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Henry also led BHP through a return to dealmaking after years on the sidelines, culminating in the company’s ambitious but ultimately unsuccessful bid for Anglo American Plc. The $49 billion takeover attempt sent shockwaves through the mining industry but was rebuffed by the smaller company as too complex and risky.