BHP Billiton has today announced outgoing chief executive Marius Kloppers’ retirement terms.
He will continue to receive his base salary of US$2,215,200 per annum plus pension contributions which are an extra 40 per cent of his salary package until he retires from the company on October 1.
Kloppers will step down for his position as CEO on May 10 this year.
Kloppers is also entitled to receive a bonus of up to 320 per cent of his salary for the 2012/13 financial year.
He was not allocated a bonus last financial year.
As he is working through the applicable notice period he will receive no severance pay.
In a statement the company said Klopper’s remuneration will be handled in accordance with plans approved by shareholders.
“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,” BHP Billiton chairman Jac Nasser said.
His entitlement to long-term incentive payouts will be assessed by the miner’s remuneration committee before his departure.