The board of directors of diamond mining giant BHP Billiton announced on Tuesday that former Ford CEO Jac Nasser will replace Don Argus as BHP Billiton chairman.



Nasser has been a member of the BHP Billiton board since 2006 and is also a member on the diamond mining group's risk and audit committee.



Argus served on the Australian diamond mining company's board for 13 years, while spending 10 years as chairman. The shares of the diamond giant lost 41 cents to $65.90 following this announcement.



Nasser will have to face great challenges leading the third largest iron ore producer in the world, as it struggles to live through the global financial crisis. The appointment will come into force in the beginning of 2010.