Former Ford Motor Co. CEO Jac Nasser has been named chairman of Australian mining giant BHP Billiton Ltd., replacing Don Argus who is retiring after nearly 11 years.
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Nasser was appointed after an 18-month selection process, the Melbourne, Australian-based company said Tuesday. He also will remain a non-executive director, a position he has held since 2006. The appointment will take effect early next year.
Nasser is taking over as the world's third-biggest producer of iron ore has struggled amid the global economic downturn. Last month, BHP Billiton Ltd. agreed to sell 23 percent of its contracted iron ore at a one-third discount to last year's prices.
After 33 years at Ford Motor Co. in Detroit, Nasser resigned as chief executive and president in October 2001.
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