BHP Billiton Ltd/Plc, the world's largest miner, yesterday named veteran former Ford Motor Co chief executive Jac Nasser as its new chairman, following an 18-month selection process.
He will succeed Don Argus, the chairman for more than 10 years, who will retire in early 2010.
Nasser, whose reputation as a costcutter has earned him the nickname "Jac the Knife", was rumoured to be one of the front runners for the job.
He joined the BHP Billiton board as a non-executive director in 2006 and is a member of the board's risk and audit committee.
Nasser,61, was born in Lebanon and migrated to Australia at the age of four.
He began his 33-year career with Ford in Australia before being named head of the global automotive business in 1996 and becoming CEO in 1998. He was ousted as CEO in October 2001, a year the automaker reported a $5.45 billion loss.
The loss in 2001 included the cost of eliminating 35,000 jobs, or about 10% of Ford's workforce, and closing at least three North American assembly plants.
One of the leading criticisms of Nasser among Wall Street analysts at the time was that he went on an acquisitions binge during his tenure at Ford, burning through cash to buy up companies like Volvo cars and Land Rover.
He is currently managing director of private equity company One Equity Partners and an independent non-executive director of BSkyB.
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