Kloppers choppers

From the AFR this morning the biggest job in Australian business has changed hands:

BHP Billiton has appointed non-ferrous division head Andrew Mackenzie as its new chief executive, replacing Marius Kloppers as of May 10.

The move comes after BHP reported the lowest interim underlying profits since 2005, but is unrelated to the fall in earnings.

BHP reported a 43 per cent fall in interim underlying earnings to $US5.683 billion, in line with expectations and left its dividend steady at US57¢ share, in line with its final dividend, only the second time it has not been raised since the global financial crisis.

More to come on this today.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.