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BHP Chief Commercial Officer Rag Udd to Depart in January

Created at 2 Sep · 2:33 AM1 source↑ Market-relevant
IN SHORT

BHP's Chief Commercial Officer Rag Udd will step down in January to pursue an external opportunity after three decades with the company. Udd was responsible for negotiating iron ore deals with China and oversaw significant investments in the Americas and Chile.

Key Numbers

three decadesUdd's tenure at BHP
2020 to 2024Udd's tenure leading Americas division

Who's Involved

Rag Udd
BHP's Chief Commercial Officer stepping down in January
BHP
Mining company where Udd serves as Chief Commercial Officer
Brandon Craig
New CEO of BHP who started in July
China Mineral Resources Group (CMRG)
State buyer involved in iron ore negotiations with BHP

↳ Why This Matters

Rag Udd's departure creates a significant leadership vacancy at BHP, particularly concerning its crucial iron ore negotiations with China. His successor will face the challenge of managing this complex relationship amidst increasing pressure from Chinese steelmakers.

Key facts

  • Rag Udd, BHP's Chief Commercial Officer, will step down at the end of January.
  • Udd is leaving to pursue an opportunity outside of BHP.
  • He was responsible for negotiating iron ore deals with China.
  • Udd led BHP's Americas division from 2020 to 2024.
  • He also oversaw investments in BHP's Chilean copper operations.

Rag Udd, BHP's Chief Commercial Officer, is set to step down at the end of January, according to an internal memo seen by Reuters. Udd, who is based in Singapore, will have completed three decades with the company by the time of his departure. He is leaving to pursue an opportunity outside of BHP.

Udd's role included the critical task of negotiating iron ore deals with China Mineral Resources Group (CMRG), a period marked by increased pressure from the state buyer seeking better terms for its steelmakers. This pressure led to temporary bans on steel mills purchasing BHP's products late last year before a deal was struck in April.

Analysts and investors had considered Udd a potential candidate for BHP's top job, which was filled by Brandon Craig in July. The selection of a leader to manage the key relationship with China will be a top priority for Craig, as negotiations are expected to become more challenging.

Prior to his role as Chief Commercial Officer, Udd led BHP's Americas division from 2020 to 2024. During this time, he oversaw the development of the Jansen potash project in Canada, scheduled to begin production mid-next year. He also managed significant investments in BHP's Chilean copper operations, including the Spence expansion and Escondida, the world's largest copper mine.

Frequently asked questions

Rag Udd will step down at the end of January.

He served as Chief Commercial Officer and was responsible for negotiating iron ore deals with China, among other leadership roles.

Brandon Craig started as CEO in July.

He oversaw the Jansen potash project in Canada and investments in Chilean copper operations, including Escondida mine.

What Happens Next

01BHP will select a new Chief Commercial Officer.
02The new CCO will manage iron ore negotiations with China.
03The Jansen potash project is set to start production mid-next year.

How It Developed

Rag Udd will step down as BHP's Chief Commercial Officer in January.
Udd will pursue an opportunity outside of BHP.
Udd was responsible for negotiating iron ore deals with China Mineral Resources Group.
Udd previously led BHP's Americas division and oversaw investments in Chilean copper operations.

Sources

T1
BHP's chief commercial officer to step down in January, internal memo showsReuters

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