Incitec Pivot appoints BHP veteran Mauro Neves de Moraes as CEO

The news: Fertilisers and explosives giant Incitec Pivot has appointed BHP executive Mauro Neves de Moraes as its new chief executive.

The numbers: Neves de Moraes will assume his role from 22 January. He was previously asset president for the coal-focused BHP Mitsubishi Alliance in Queensland as well as the asset president at BHP's largest copper operation at Escondida in Chile.

The context: Neves de Moraes will take over from interim head Paul Victor, who will resume his role as chief financial officer. Victor had been acting in the CEO role since the abrupt exit of Jeanne Johns in June, after Incitec missed its half-year earnings forecast amid tensions over a planned demerger of the company’s fertiliser division. The company’s shares are still down by 24% so far this year.