Feb 20, 2013

Kloppers overreached but leaves BHP in good shape

Maris Kloppers will leave BHP Billiton in good shape. But his propensity to overreach has left its mark on the firm and the country, writes David Llewellyn-Smith of Macro Business.

Marius Kloppers

Some boom — the second major iron ore boss in as many weeks has left his job.

Following the departure of Tom Albanese from Rio Tinto, today Marius Kloppers retired from his role at BHP. He did so after posting the worst profit results since 2005, which the company described as unrelated.

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3 thoughts on “Kloppers overreached but leaves BHP in good shape

  1. Jon Douglas

    Goodyear left BHP in good shape. Kloppers did nothing at all to enhance value and has shed the company of a large number of long term development assets.
    The core of BHP is now its oldest asset: iron ore in the Pilbara. You’d have to say that Kloppers had no insight into the value of long term development assets and no patience for anything else.

  2. bjb

    Along with Kloppers, most of the board should go. In the midst of the biggest minerals booms in recent memory, the share price now is roughly what was pre-GFC. The board allowed hundreds of millions of dollars to be wasted on consultants, merchant bankers, lawyers and other corporate leeches in pursuit of abortive acquisitions. Kloppers, like Albanese has trousered a motza and left the shareholders hardly any better off.

  3. Dogs breakfast

    The greatest compliment that can be fairly paid Kloppers is that he wasn’t as bad as Rio Tinto.

    May I respectfully suggest that this is the nuclear version of ‘Damning with faint praise.’

    The last decade has seen the worst excesses of capitalism during boom times for the big miners. It’s hard to find a good move that has been made by any of them.

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