BHP Group Ltd. has promoted Vandita Pant to CFO in a broad reshuffle of its executive team as it aims to boost copper output and enter the fertilizer sector. Pant, who joined BHP in 2016, takes up the post in March and will be replaced as Chief Commercial Officer by Rag Udd, who currently leads the business in the Americas.
Existing CFO David Lamont will continue at the company in an advisory capacity until 2025, while current Chief Technical Officer Laura Tyler will exit next year. In other changes, Johan van Jaarsveld will become Chief Technical Officer and Brandon Craig, who currently oversees BHP’s Australian iron ore mines, will replace Udd to lead assets in the Americas.
The appointments ensure the company has “the right mix of skills, experience, and perspectives to deliver BHP’s strategy and pursue our growth agenda,” CEO Mike Henry said Dec. 7 in a statement. “Our operating environment is increasingly complex, but also rich in opportunity.”
Though Henry, who became CEO in 2020, is seen as likely to remain in place for several more years, the executive changes will bolster the field of potential internal candidates to succeed him in the role, according to a Bloomberg report. Henry’s predecessor Andrew Mackenzie held the post for more than six years.
Under Henry, BHP has reshaped its portfolio by exiting oil and gas, selling coal assets, and completing the $6 billion takeover of OZ Minerals Ltd. to add more exposure to copper. Demand for the metal is forecast to surge as the world decarbonizes due to its use in power grids and electric vehicles. In October, BHP authorized a further $4.9 billion of investment in its massive Jansen potash project in Canada that will begin production of the crop nutrient from late 2026.
The BHP Board of Directors recently gave Henry its blessing to pursue a relationship with the CEO of a Canadian rail company that is building a railway to BHP’s Jansen potash mine, according to the Australian Financial Review, which reported that Henry is romantically involved with Canadian National (CN) Railway CEO Tracy Robinson.
BHP Chairman Ken MacKenzie told Australian Financial Review he was satisfied that measures were taken to avoid any conflicts of interest that could potentially arise as a result of the relationship, adding that appropriate conflict-of-interest controls were put in place.
According to Australian Financial Review, BHP appears to be leaving the door open to concluding potash haulage contracts with both CN and Canadian Pacific Railway in the future to maximize competition between the two railroads.