John Barry Prescott (born 22 October 1940) is an Australian retired businessman and corporate bureaucrat who was managing director and CEO of BHP from 1991 to 1998. Over his career, he has held numerous positions including chairman of Queensland Rail and ASC Pty Ltd, and director of Newmont Mining Corporation., Australian Submarine CorporationAt the time of the Symposium, (November 1999), Mr John B Prescott AC FTSE was Executive chairman, Horizon Private Equity Pty Ltd.
Education Prescott was educated at North Sydney Boys High School where in 1957 as a pupil he was appointed Deputy Librarian.NSBHS Leaving Certificate 1957 He received a Bachelor of Commerce (Industrial Relations) from the University of New South Wales in 1961.
Career ~1958–1998: BHP Prescott was an executive of BHP, having been with that company for over 40 years including as an executive director for 10 years and as managing director and chief executive officer from 1991 to 1998. Prescott's time as CEO of BHP coincided with a number of failed investments which lost the company almost $10 billion.'
2000–2009: Australian Submarine Corporation Chairman (2000 – 30 June 2009). Prescott served as chairman of Australian Submarine Corporation, later rebranded ASC Pty Ltd., pp.2–5, 2004 Annual Report, ASC Pty Ltd, pp.4–7, 2003 Annual Report, ASC Pty Ltd , pp.4–7, 2005 Annual Report, ASC Pty Ltd , pp.4–6, 2006 Annual Report, ASC Pty Ltd , pp.8–9, 2007 Annual Report, ASC Pty Ltd , pg.4–5, 2008 Annual Report, ASC Pty Ltd , pp.4–5, 2009 Annual Report, ASC Pty Ltd
2006–2015: Queensland Rail / Aurizon From 2006 to 2010 Prescott was Chairman of the Government of Queensland owned Queensland Rail, that managed the state's passenger and freight railway network.Daniel Hurst (21 November 2012) "", SMH Business During this time he oversaw the separation of the company into two separate entities: Queensland Rail that operated passenger services and QR National that operated freight services, becoming chairman of the latter. Under Prescott's chairmanship the latter was listed on the Australian Securities Exchange as Aurizon raising $4.6bn in what was the largest initial public offering (IPO) in Australia that year.Cynthia Koons (20 November 2010) The Australian He was chairman of Aurizon from 2010 to 2015., Australian Business – article is behind a paywall Under Prescott's Chairmanship the company grew significantly. The company's operating ratio improved from 91%, QR National in 2010 to 74% in 2015 and a turn around in safety saw the LTIFR reduced by 97% in this time., Aurizon Holdings Limited Aurizon's share price increased by 95% to $4.96, and under Prescott's stewardship, total shareholder returns increased by 117% from IPO to 30 June 2015.
Other corporate 1998–?: Horizon Private Equity From 1998 Prescott was the executive chairman of Horizon Private Equity.
1999–2013: Normandy Mining / Newmont Mining Prescott served as a non-executive director of Normandy Mining from April 1999 to 2002. He served as an Independent Director of Newmont Mining Corporation from 2002 to 2013 after it purchased Normandy Mining.
Other Prescott has been a Global Counsellor of The Conference Board since 2001, a member of the Global Advisory Council since 2013, and a member of the Commonwealth Remuneration Tribunal since 2010. Other Directorships and consulting/advisory positions have included Conference Board USA, World Economic Forum, Booz Allen Hamilton, J.P. Morgan Chase & Co, Proudfoot Consulting and Asia Pacific Advisory Committee of New York Stock Exchange.
Honours and awards Prescott was appointed a Companion of the Order of Australia in 1996 (AC), 11 June 1996, It's an Honour. Citation: AC. For service to the manufacturing and mining industries as managing director of Broken Hill Proprietary Company Limited and as an active contributor to various industry councils. and received the Centenary Medal in 2003., 1 January 2001, It's an Honour. Citation: For service to Australian society in industry.
Fellow of the Australian Institute of Company Directors, the Australian Academy of Technological Sciences and Engineering, and the Australian Institute of Management.
He was awarded an Honorary Doctor of Laws from Monash University in 1994 and an Honorary Doctor of Science from the University of New South Wales awarded in 1995.
In 2016 Monash University inaugurated a series of public lectures in his name which focus on human resources, industrial relations and related areas., 10 October 2016, Monash Business School, Monash University The University of NSW awards two scholarships named after Prescott – the John Prescott Scholarship in Human Resource Management, Australian Universities.com.au and the John Prescott Outstanding Teaching Innovation Award., pg.148, ARC Centre of Excellence in Population Aging Research
He has also held the positions of director of the Walter and Eliza Hall Institute of Medical Research, and member then director of the Business Council of Australia.
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