World's Largest Miner BHP Quietly Prepares For CEO Succession

The world's largest miner, BHP Group BHP, is reportedly preparing for a leadership transition as CEO Mike Henry's tenure approaches its expected conclusion.

While no formal announcement has been made, company insiders suggested the board could initiate the succession process soon, with a potential handover in early 2026.

According to information the company's insiders shared with Bloomberg, three candidates are at the forefront of the succession process.

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Geraldine Slattery, who currently oversees BHP's Australian operations, brings extensive experience, having previously managed the company's oil and gas division before its merger with Woodside.

Chief Financial Officer Vandita Pant, a former banker who joined BHP in 2016, has risen rapidly with her financial expertise. Then, there is Ragnar Udd, the commercial chief who has driven the success of BHP's copper business in the Americas.

Selecting either Slattery or Pant would mean that BHP would have its first female CEO in its 140-year history.

Henry assumed the top job in January 2020, taking over from Andrew Mackenzie, who had streamlined BHP's portfolio during a seven-year tenure. Thus, Henry's potential six-year term would align with his predecessor's.

As a company veteran of three decades, Henry previously led BHP's Australian minerals division and held key roles in operations, marketing, and technology.

Under his leadership, significant milestones have occurred, including the exit from petroleum through the Woodside merger, the simplification of BHP's dual-listed structure, and the approval of the massive Jansen potash project in Canada.

However, his boldest move, a $49 billion bid for Anglo American, ultimately collapsed when the target rejected the offer as too complex. This dealt a blow to BHP's copper growth ambition, prompting upper management to seek a solution in a joint venture with Lundin.

Henry's successor will inherit both opportunities and challenges. The firm is committing billions to expand in future-facing commodities like copper and potash while maintaining iron ore as its core business.

Still, mining capex is notoriously high, and with nearly $20 billion of debt on the balance sheet, the company is already near the upper limit of its debt targets.

The iron ore business, which delivered 290 million tons in 2024, faces particular headwinds. Analysts at Goldman Sachs forecast prices could slump to $84 per ton by late 2025 amid oversupply concerns and softening Chinese demand, while BMI anticipates the oversupply could continue till the end of the decade.

Price Action: BHP stock is up 3.06% to $49.11 premarket at the last check on Wednesday.

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