HONG KONG--(BUSINESS WIRE)--The appointment of Kenneth MacKenzie as the next Chair is a constructive step in bringing much needed change to the direction of BHP.
As CEO of Amcor, Mr. MacKenzie displayed strong leadership qualities as he successfully navigated the company through the financial crisis while making difficult decisions to significantly improve shareholder returns over his decade at the helm.
As a large investor in BHP, Elliott encourages Mr. MacKenzie to use his leadership skills to address BHP’s poor capital allocation and underperformance, nominate diverse and qualified directors, and review the executive management team.
Elliott renews its call for BHP to initiate an immediate, independent and transparent review of its petroleum business, unify its inefficient and obsolete dual-listed company structure, and put renewed focus on capital returns to instil greater management discipline and avoid further value-destructive acquisitions and projects.
Founded in 1977, Elliott manages two funds, Elliott Associates, L.P. and Elliott International, L.P., with assets under management totaling more than US$32.7 billion.
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