Lindsay Maxsted to quit BHP board role

Lindsay Maxsted has revealed he will quit his BHP board role at the mining giant’s annual general meeting later this year.

The Big Australian said today that as part of the miner’s tenure guidelines the corporate titan would not stand for re-election at the 2020 meeting.

“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 at the 2020 BHP annual general meetings,” it told the ASX said this morning.

Mr Maxsted, who announced amid Westpac’s money laundering scandal late last year that he would quit his role as chairman of the bank in the first half of this year, is still chairman of Transurban but plans to retire some time this year.

Fellow director at BHP, Terry Bowen, is set to take up a role as a board member of Transurban from February 1.

“As a consequence, there will be a limited period of overlap between Terry Bowen and Lindsay Maxsted on the boards of BHP and Transurban,” the miner said.