BHP Billiton boss Andrew Mackenzie sees pay dive in commodities rout
BHP Billiton boss Andrew Mackenzie has taken a personal hit from the global commodities slump as his pay package plunged by 43%.
Mackenzie, a Glaswegian who took the helm of the world’s largest mining company in 2013, took home $4.58 million (£3 million) for the year to June 30 against $7.98 million last year.
He received no long-term incentive award after getting $2.64 million the previous year. His base salary was unchanged at $1.7 million.
BHP Billiton reported its worst full-year underlying profit in a decade in August as plunging iron ore, copper, coal and oil prices took their toll. Underlying profits slid 52% to $6.42 billion.
Shares in the company have plummeted 37% in the past year as signs mounted of a slowdown in China, the world’s largest consumer of commodities.
Mackenzie famously slashed his own pay by a quarter when he arrived at BHP. His predecessor Marius Kloppers had a basic salary of $2.21 million.
Fellow miner Glencore has also been feeling the pain of the commodities rout. It shares yesterday dropped below the 100p-mark, though they recovered today to 108.5p.