BHP pays out $38m to ex-CEO

BHP Billiton's former chief executive officer Brian Gilbertson will receive a severance payment of about $12.4 million in cash and shares in addition to a life-time pension of $1.5 million a year. If the 59-year-old lives to the age of 76 the total payout will amount to around $38 million.

The former CEO resigned from BHP Billiton in January 2003 due to “irreconcilable differences” with the company. The payout has the full support of BHP Billiton's board. The chairman stated that Mr Gilbertson had contributed to his superannuation during his 32 years with BHP Billiton and its predecessors and would have been entitled to it irrespective of the circumstances in which he left.