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BHP Billiton's South African boss retires on $75 million exit deal

BHP Billiton's South African boss retires on $75 million exit deal

Date: 2013-04-26
Top earning South African born CEO could add a further $75 million as part of his staggering farewell payout from the Anglo-Australian mining giant.

Exiting BHP Billiton chief executive Marius Kloppers will take a payout of cash, shares and performance rights worth up to $75.2 million (R698 645 600.00 ) at current prices. The announcement of South African-born Dr Kloppers' resignation came shortly after the Anglo-Australian company reported its profits fell by 58 percent between July and December 2012.

The topbusinessman, who is on a base pay of $2.1 million, is guaranteed a pension and other payments of about $2.8 million for this financial year and had previously rounded out the list of Britain's top five earners. Furthermore, subject to various performance criteria, Kloppers will be eligible for a bonus under BHP's short-term and long-term incentive plans. Most lucratively, he is in line to collect more than a million shares delivered in recent years under BHP's long-term bonus plans.

The timing of Kloppers's exit was a bit sooner than expected, even though the company flagged last November that it was looking for a new CEO. Kloppers, 50, has been in the job for nearly six years and said retiring was a tough decision.