BHP Billiton Reports on Retirement for CEO
OREANDA-NEWS. April 24, 2013. The Board of BHP Billiton announced the terms of retirement for outgoing Chief Executive Officer (CEO), Marius Kloppers.
As previously announced Mr Kloppers will step down as CEO, a member of the Group Management Committee and a Director of the Company on 10 May 2013, and will retire from the Group on 1 October 2013.
Mr Kloppers will work through the applicable notice period and accordingly no severance payment will be made. He will receive his base salary and pension entitlement to the date of his retirement, namely, 1 October 2013.
Other aspects of Mr Kloppers’ remuneration will be handled in accordance with the shareholder approved plans.
In summary:
Any short term incentive payment under the Group Incentive Scheme (GIS) for the 2013 financial year can only be assessed by the Remuneration Committee after year end. That payment will be pro rated to reflect his period of service as CEO during the 2013 financial year (namely, 1 July 2012 to 10 May 2013).
Awards granted in previous years under the Long Term Incentive Plan (LTIP) will be pro-rated in accordance with the Company’s usual practice. They will vest only if the performance hurdle is met at the end of each five year performance period; and
Mr Kloppers will be entitled to the value of the pension and superannuation funds that he has accumulated over his 20 years with the Company.
In announcing the details, BHP Billiton Chairman, Jac Nasser, said “The terms of Marius’ departure reflect the Group's remuneration policy and the rules of our incentive plans as approved by shareholders. No additional payments are being made.”
A summary of the key terms of Mr Kloppers’ retirement is set out in the attached schedule. Further information on BHP Billiton can be found at: www.bhpbilliton.com
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