BHP CEO Mike Henry to step down, Brandon Craig named new chief as mining giant shifts focus to copper

BHP has announced Mike Henry is to step down from the chief executive role on July 1 after 6½ years in the top job. Mr Henry will be succeeded by BHP’s current president for the Americas, Brandon Craig, who was formerly the boss of the Big Australian’s lucrative WA iron ore division. “We would like to recognise the outstanding contribution of Mike Henry to BHP as CEO,” BHP chair Ross McEwan said. “Under his leadership, BHP has transformed into a safer and more productive company, financially strong and sharply focused on shareholder value and social value.” BHP shares have added about 28 per cent since Mr Henry took the role as he helped pivot the Pilbara-focused iron ore miner into making more money from copper as part of its push into the clean energy transition. Mr Craig since March 2024 has been in charge of BHP’s potash and copper divisions as the company’s president for the Americas. He was the asset president for WA iron ore between October 2020 and February 2024. Mr Craig has also worked in a number of management roles across BHP’s east coast coal mines. RBC Capital Markets analyst Kaan Peker said BHP’s CEO transition “appears more evolutionary than transformational”. “The appointment of an internal candidate with deep operational exposure to iron ore and copper reinforces continuity at a time when the company is entering the execution phase of its copper-led growth strategy,” Mr Peker said. “Growth remains structured around disciplined capital sequencing and brownfield-first expansion, with structurally advantaged WA iron ore free cash flow continuing to underpin funding of the copper pipeline. “As such, we see the leadership transition as unlikely to alter the group’s strategic direction, with the focus likely shifting toward project execution, capital discipline and portfolio optimisation.” BHP was largely tipped to pick an internal candidate to take the reins from Mr Henry but it was Australia president Geraldine Slattery whose name kept popping up in the spotlight. Chief financial officer Vandita Pant and chief commercial officer Rag Udd were also seen as major contenders. “I am confident that [Mr Craig’s] discipline and focus will continue to drive BHP’s high-performance culture and advance the company’s unrivalled pipeline of growth options to maximise shareholder returns,” Mr McEwan said. Mr Craig will start on a base salary of $US1.9 million ($2.7m), plus bonuses. He said he was honoured to take on the role and paid tribute to Mr Henry. “Thanks to his leadership, BHP is well positioned for the future,” Mr Craig said. “As incoming CEO, I am committed to leading the talented and hard-working people who make BHP a great company and continuing to generate long-term value for all our shareholders. “I will work tirelessly with the board and management to achieve this. I look forward to continuing to take this great company forward.” Mr Henry said it had been a privilege to lead The Big Australian and he was proud of what had been achieved during his tenure. “We are creating sustainable long-term value for our shareholders, our supply chain, partners and our communities,” he said. “Brandon is an excellent choice as CEO, and I wish him every success in the role.”