Lindsay Maxsted to step down from BHP board

Lindsay Maxsted to stand down from BHP board, as he prepares to vacate chair at Westpac and Transurban.

Lindsay Maxsted confirms he will step down from the BHP board this year. Picture: Getty Images

Outgoing Westpac chair Lindsay Maxsted is stepping back from public corporate life, confirming he will step down from the BHP board at its annual meeting later this year.

At the same time Mr Maxsted, as chairman of Transurban, has appointed former Wesfarmers and current BHP board colleague Terry Bowen as a director of the infrastructure giant.

The move clears the way for Mr Bowen to become new Transurban chair, with Mr Maxsted saying last year he would retire from the company’s board in the next year.

Mr Bowen has signalled a reduced role at private equity firm BGH in the wake of his Transurban appointment.

No decision has been made on who will be the new Transurban chair, but Mr Maxsted said on his re-election last year this would be his final term. He first flagged an exit from the Transurban board in October 2018.

The new chair will have the difficult job of replacing Transurban chief executive Scott Charlton, who clocks up eight years in the top job this year. Ordinarily, that means his end date is approaching.

The first step is to appoint a new chair at Transurban.

The same goes for Westpac.

Late last year Mr Maxsted said he would step down as Westpac chair in the wake of the money laundering and child exploitation scandal.

Internal candidates for his replacement at Westpac include former KPMG chief Peter Nash and former Morgan Stanley Australia chief Steven Harker.

Meanwhile BHP, which on Tuesday confirmed that Mr Maxsted would not stand for re-election at its 2020 annual meeting, has a strict nine year policy for its directors. It means this year would mark the end of Mr Maxsted’s term.

He did serve as the head of the company’s audit and risk committee but that role has been assumed by Mr Bowen.

Terry Bowen, when he was at Wesfarmers.

Mr Bowen left Wesfarmers in 2017 after serving as its CFO for eight years, and after a 15-year stint at the company.

During this time the former Tubemakers executive also worked at Jetstar.

Mr Bowen’s departure from the role of finance director at Wesfarmers came as it was made known Rob Scott would replace Richard Goyder as chief executive.

Mr Maxsted, a former KPMG Australia boss, is one of Australian business’s most powerful people and has served as chair of both Westpac and Transurban.

The Geelong native is a keen horse racing owner and Geelong football club tragic.