Former NAB boss Ross McEwan chosen to be the new BHP chair

BHP has tapped former National Australia Bank chief executive Ross McEwan to be its new chair as Ken MacKenzie steps down from the role after eight years.

Mr McEwan, who has been a non-executive director of BHP since April last year, will formally be handed the chair role on March 31.

He was notably the boss of NAB for five years until April last year and the CEO of the RoyalBank of Scotland in the six years prior.

Mr McEwan’s appointment to the BHP board last year sparked speculation he would succeed Mr MacKenzie.

Mr MacKenzie said Mr McEwan was an “excellent choice” to be his successor.

“It has been a privilege to serve as the chair of BHP for the last 8 years and as a director for 9 years and I am proud of what the board and management has achieved during that time,” he said.

“BHP is a simpler, more productive and more resilient company and this has been a result of a talented and committed team focused on creating sustainable long-term value for our shareholders, our supply chain, partners and our communities.”

Mr McEwan said it was an “honour and privilege” to succeed Mr MacKenzie.

“Under his leadership, the company is simpler, more agile and well positioned for the future. Ken will be remembered for his strategic decision-making, active institutional and retail shareholder engagement and outstanding capacity to see value, whether that’s in strategy, portfolio, operational excellence or capital allocation,” he said.

At NAB, Mr McEwan took the reins in the aftermath of the bruising banking royal commission which was published in early 2019.

The Melbourne-based big four bank was heavily criticised in the commission’s report, including the wealth management arm claiming fees without providing services — for which the bank was later fined $2.1 million by the corporate regulator.

The pressure quickly led to the departures of then-chair Ken Henry and chief executive Andrew Thornburn.

Mr McEwan flagged plans to spend more time at home in New Zealand after leaving NAB.

More to come . . .