REG - BHP Group Limited - Brandon Craig to succeed Mike Henry as BHP CEO

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RNS Number : 0453X  BHP Group Limited  18 March 2026

Exchange release

18 March 2026

 

Brandon Craig to succeed Mike Henry as BHP CEO

The Board of BHP announces that Brandon Craig will become Chief Executive
Officer (CEO) and a Director of BHP Group Limited on 1 July 2026. Mr Craig
will succeed the current CEO, Mike Henry, who will step down after six and a
half years in the role.

BHP Chair, Ross McEwan said: "We are very pleased an executive of
Brandon Craig's calibre and extensive experience has been appointed as our
new CEO to lead the execution of our strategy. I am confident that
his discipline and focus will continue to drive BHP's high-performance
culture and advance the company's unrivalled pipeline of growth options to
maximise shareholder returns.

We would like to recognise the outstanding contribution of Mike Henry to BHP
as CEO. Under his leadership, BHP has transformed into a safer and more
productive company, financially strong and sharply focused on
shareholder value and social value."

CEO appointment

The appointment of Mr Craig follows a formal CEO succession process.

Brandon brings more than 25 years of operational and corporate leadership
experience at BHP to the role. He is currently BHP's President Americas,
leading the company's growth strategy in future facing commodities across
Canada, the United States and South America. During his time in the role, BHP
became the world's largest copper producer and advanced high quality
growth options in copper and potash. Prior to this, Brandon led our Western
Australia Iron Ore business, improving operational performance and increasing
BHP's lead as the lowest cost, highest margin major iron ore producer in the
world.

Mr Craig said: "It is an honour and privilege to succeed Mike Henry as CEO of
BHP. Thanks to his leadership, BHP is well positioned for the future. Mike
will be remembered for his strategic decision-making, portfolio
transformation, operational excellence and focus on safety and
high-performance culture.

As incoming CEO, I am committed to leading the talented and hard-working
people who make BHP a great company and continuing to generate long-term value
for all our shareholders. I will work tirelessly with the Board and
management to achieve this. I look forward to continuing to take this great
company forward."

CEO Mike Henry

Outgoing CEO, Mike Henry said: "It has been a privilege to serve as CEO of
BHP and to have worked with so many truly talented people. I am proud of
what we have achieved together. BHP is a safer and higher performing company
and is better positioned for future growth. We are creating sustainable
long-term value for our shareholders, our supply chain, partners and our
communities. Brandon is an excellent choice as CEO, and I wish him every
success in the role."

During Mr Henry's tenure as CEO, BHP established its track record of
sector leading operational performance, with BHP's Western Australia Iron Ore
business securing and growing its lead as the world's lowest cost major iron
ore producer.

BHP has become a simpler company, with a more resilient and growth-oriented
portfolio through demerging its Petroleum business, high-grading its coal
business, simplifying its listing structure and pivoting towards growth in
copper and potash, both future facing commodities.

Under Mr Henry's leadership, BHP has established itself as the world's
largest copper producer, with over half of BHP's recent half year earnings
sourced from copper and a significant volume of growth to come. This, coupled
with BHP's soon to be commissioned potash mine, leaves the company well
placed to deliver high-margin growth into the future.

Mr Henry has led a strong focus on safety and a high-performance culture
during his tenure. Under Mr Henry's leadership, BHP
has established sector-leading operational excellence through the BHP
Operating System. BHP also achieved a gender balanced workforce and
a 30% reduction in operational greenhouse gas emissions and stronger
partnerships with Indigenous peoples.

Average Total Shareholder Returns have been ~17% per annum, and BHP returned
~US$80 billion to shareholders during Mr Henry's tenure.

BHP has a unique combination of large, long-life, low-cost assets in the most
attractive commodities, a track record of operational excellence and capital
discipline, a leading pipeline of growth in copper and potash, and a distinct
approach to building social value. This will generate attractive and reliable
returns and growth for shareholders well into the future.

 

Further information is provided in Appendix 1.

 

Appendix 1

Biography - Brandon Craig

Having joined BHP in 1999, Brandon Craig has built more than 25 years of
corporate and operational leadership experience across a diverse portfolio of
commodities. Brandon has been BHP's President Americas since March 2024. In
this role, he has responsibility for much of BHP's growth strategy including
in Canada, the United States and South America.

Brandon has advanced BHP's high quality growth options, increasing copper
guidance for FY2026 and FY2027 and targeting around 2.5 million tonnes of
copper equivalent production per year by the mid-2030s. Under Brandon's
leadership, Escondida, the world's largest copper mine, has extended its grade
and production guidance through productivity improvements and a focus on
operational excellence.

Brandon has overseen the creation of the Vicuña joint venture, a highly
prospective project with the potential to be one of the world's top copper and
gold mines, as well as oversight of non-operated joint ventures in Brazil,
Peru and the United States. BHP's Jansen potash project in Canada is on track
to begin operations in mid-2027. This will be a significant new business for
BHP which diversifies its portfolio and brings in a commodity with strong
long-term fundamentals.

Prior to this, Brandon led our Western Australia Iron Ore business, improving
operational performance and increasing BHP's lead as the lowest cost, highest
margin major iron ore producer in the world. This demonstrated Brandon's
ability to deliver strong performance across an integrated business of mines,
rail and port operations.

Summary of the material terms of Brandon Craig's appointment
 Name and position title                    Brandon Craig, Chief Executive Officer, BHP
 Commencement date and term                 1 July 2026, no fixed term
 Base salary                                US$1,900,000 per annum
 Superannuation/pension plans               10% of base salary
 Incentive arrangements and other benefits  The CEO will be eligible to participate in BHP's Cash and Deferred Plan (CDP)
                                            and Long-Term Incentive Plan (LTIP) under the company's Equity and Cash
                                            Incentive Plan Rules.

                                            The CDP provides participants with an annual award based on achievement
                                            against a performance scorecard. CDP awards comprise equal components of cash,
                                            2 Year Deferred Rights and 5 Year Deferred Rights. The target is 80% of base
                                            salary for each. The total target in aggregate is 240% of base salary, with a
                                            maximum opportunity of 360% of base salary and a minimum potential outcome of
                                            zero.

                                            The LTIP provides participants with an annual award of LTIP Performance Rights
                                            with a performance period of five years. LTIP awards for the CEO are granted
                                            at 200% of base salary each year, with vesting subject to achievement against
                                            the relevant performance conditions.

                                            Further details of BHP's remuneration framework are outlined in BHP's 2025
                                            Remuneration Report.

                                            Brandon Craig and his family will be entitled to a relocation allowance to
                                            support his relocation to Melbourne.

                                            Other benefits may be approved by the People and Remuneration Committee from
                                            time to time and may include tax return preparation, financial
                                            planning/advice, car parking and health insurance.
 Resignation or termination of employment   Brandon Craig may resign or BHP may terminate employment by giving 12 months'
                                            notice.

                                            BHP may immediately terminate Brandon Craig's employment without notice in
                                            certain circumstances, for example where there is misconduct or serious
                                            breach.
 Minimum Shareholding Requirements (MSR)    Five times annual pre-tax base salary.

                                            A two-year post-retirement shareholding requirement applies from the date of
                                            retirement, which will be the lower of the CEO's MSR or the CEO's actual
                                            shareholding at the date of retirement.
 Other                                      The employment agreement contains general provisions relating to leave
                                            entitlements, intellectual property and confidentiality, and a 12 month
                                            non-compete and restraint period.

Summary of leaving entitlements for Mike Henry
 Transition timing       Mike will continue to serve as Chief Executive Officer to 30 June 2026 and
                         will continue to provide support for the period to 30 November 2026, at which
                         time his employment with BHP will cease.
 Incentive arrangements  Mike will be remunerated in the ordinary course through to the end of his
                         employment with BHP (including base salary and participation in the FY2026 CDP
                         Award). Any remaining notice at that time will be paid to him in lieu. Mike
                         will not receive a 2026 LTIP award.

                         Mike will retain unvested CDP Deferred Rights (2 Year) in full, subject to
                         vesting in the ordinary course. He will retain unvested CDP Deferred Rights (5
                         Year) and LTIP Rights on a pro-rata basis, subject to vesting in the ordinary
                         course and applicable vesting conditions.

                         Mike's other entitlements will be in accordance with his previously disclosed
                         contractual arrangements and statute.

                         Further details will be provided in BHP's 2026 Remuneration Report.

 

Authorised for release by Stefanie Wilkinson, Group General Counsel and Group
Company Secretary.

 Contacts
 Media                                        Investor Relations

 media.relations@bhp.com                      investor.relations@bhp.com
 Australia and Asia                           Australia and Asia

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 +61 411 071 715                               +61 499 006 018

 Europe, Middle East and Africa               Europe, Middle East and Africa

 Amanda Saunders                              Adam Sanderson

 +44 7887 468 926                             +44 7884 735 515
 North America                                Americas

 Megan Hjulfors                               Li Hua

 +1 403 605 2314                              +1 647 828 9830

 Latin America

 Renata Fernandez

 +56 9 8229 5357

 BHP Group Limited

 ABN 49 004 028 077

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 Registered in Australia

 Level 18, 171 Collins Street

 Melbourne

 Victoria 3000 Australia

 Tel: +61 1300 55 4757 Fax: +61 3 9609 3015

 BHP Group is headquartered in Australia

 bhp.com

 

 

 

 

 

 

 

 

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