BHP board member and director Lindsay Maxsted will not stand for re-election to the company’s board of management this year.
Maxsted will be retiring from his role at or before BHP’s annual general meeting.
Maxsted, who is also chairman of Westpac and Transurban Group, will remain a member of BHP’s risk and audit committee until he retires from the board.
BHP director Terry Bowen will join Maxsted on the board of Transurban Group starting February 1 following his appointment.
The two will also crossover on BHP’s risk and audit committee, to which Bowen has been appointed chair, starting from May 1.
“We apply a nine-year tenure guideline as part of director succession planning and therefore, as planned, Lindsay Maxsted will not stand for re-election,” BHP stated in a media release.
“As a consequence, there will be a limited period of overlap between Terry Bowen and Lindsay Maxsted on the boards of BHP and Transurban.”
Bowen is currently a managing partner and head of the operations group at BGH Capital but will reduce his responsibilities in this role as he commences the new role with Transurban.
He will remain a part of BGH Capital, transitioning into a part-time role as partner and chair of the operations group.