Kloppers picks up $16 million in his final year at BHP Billiton
Marius Kloppers, one of the biggest names in world mining, was paid $16 million (£10 million) in his final year leading BHP Billiton, it emerged today.
Although the South African’s six-year tenure as chief executive was tarnished by expensive failures to take over fierce rival Rio Tinto and Potash Corp of Saskatchewan, Kloppers earned almost $10.4 million in long-term bonuses last year.
He officially leaves next month but Scotland-born Andrew Mackenzie has been in the hot seat since May. However, to reflect the tough times the mining industry has suffered in recent years, Mackenzie is paid a base salary of £1.7 million, almost 25 per cent less than his predecessor.
Mackenzie’s pension contribution is also down on Kloppers’ 36 per cent of base salary to 25 per cent. There have also been cuts to bonuses for the group’s leading executives.
In BHP’s annual report, published today, chairman Jac Nasser praised Kloppers for making BHP a “safer and financially stronger” company. But he warned that oversupply of metals and minerals has “exerted downward pressure” on many commodity prices, a trend he expects to continue in the short term.
Mackenzie said: “This is a challenging yet very rewarding time to be at the helm of the world’s leading diversified resources company. We believe our proven strategy, when combined with our great ore bodies and operational focus on productivity, will deliver stronger margins throughout the economic cycle, a simpler and more capital efficient structure, a substantial increase in free cash flow and growth in shareholder value.”
Kloppers is one of several big mining names to have left the industry this year. Mick Davis quit Xstrata after the Switzerland-based group was taken over by wheat-to-zinc trader Glencore while the oft-criticised Cynthia Carroll left Anglo American.
The latter’s successor, Mark Cutifani, today said Anglo has sold its Amapa iron-ore operation in Brazil to Zamin Ferrous for $136 million and had settled 23 claims of silicosis without admitting liability.
- 1 Top 20 misconceptions people believe are true
- 2 'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
- 3 Black Mass trailer: Johnny Depp might have started making good films again
- 4 Jacob Lescenski and Anthony Martinez: Straight student asks gay friend to High School prom and makes a million Twitter friends
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Top 20 misconceptions people believe are true
Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
'We're not heroes, just tourists': Swedish police officers on holiday stop vicious assault on New York subway
Head transplant: man will be attached to new body in under an hour and aim is immortality, doctor says
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
The sickening truth about food banks that the Tories don't want you to know
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...
£22000 - £24000 per annum: Recruitment Genius: This is an opportunity to join ...