A Financial Times report on Tuesday that cited a source saying BHP chairman Jac Nasser had started searching for a replacement sparked a flurry of speculation.

Of course, all boards should have some sort of succession plan and a BHP spokeswoman said it was an ongoing process and “one of the most critical tasks of any board”

“BHP Billiton’s board has always ensured that it has a well-integrated, continual succession process in place for our most senior executives,” she said.

“This well-established planning process has worked effectively for many years and delivered a track record of smooth succession at the Group Management Committee level.”

MineLife founder and analyst Gavin Wendt said it was a logical step.

“He’s been there a reasonable amount of time for a CEO,” he told MiningNews.net.

“It makes sense for a company like BHP to be actively looking now.”

Wendt said there were not necessarily big shoes to fill at BHP.

“I think BHP is one of those companies that just manages itself, really,” he said.

“If you have been running BHP or Rio [Tinto], you basically have to do nothing – just don’t f*** it up basically.

“But then they feel they have to do something and that’s when they embark on these mega deals that cost shareholders billions.”

Kloppers’ departure could be up to two years away, but the timing of the executive search raised some eyebrows, given the current movements in the industry.

Mick Davis will leave Xstrata six months after the completion of the merger with Glencore International, while Anglo American chief executive officer Cynthia Carroll announced her resignation almost two weeks ago.

London-based SP Angel analyst John Meyer said in a note overnight that Davis could take his pick between the Anglo and BHP jobs.

“Mick Davis and the ‘Xstrata management style’ is a clear investor favourite,” he wrote, adding that Xstrata chief financial officer Trevor Reid would a good fit to run either company.

Rio CFO Guy Elliott – who has announced he will step down at the end of next year – was also considered as a chance, as well as former Anglo CEO Tony Trahar.

“Where is Tony Trahar? History says that he did a good job for Anglo as CEO,” Meyer said.

He also threw a couple of more random – and more unlikely – names into the potential mix.

“Tony Blair is an outside favourite.

“Mitt Romney is looking for a job and might suit a right-wing workforce.”

Meyer acknowledged that it was time for a change.

“We are looking a bit short on top-quality miners these days and it is time for new blood to come through,” he said.

There are also four internal candidates widely tipped to be considered: ferrous and coal boss Marcus Randolph; aluminium, nickel and corporate development chief executive Alberto Calderon; non-ferrous head Andrew Mackenzie; and long-time petroleum CEO Mike Yeager.

Former CFO Alex Vanselow, believed to be an eventual successor to Kloppers, left the company in February.