UPDATE 1-BHP's new chairman Nasser to take reins March 30

LONDON, Feb 24 (Reuters) - The incoming chairman of BHP Billiton, Jac Nasser, will take up his post on March 30, the world's biggest mining group said on Wednesday.

Last August, the company named Nasser, a former chief executive of Ford Motor Co, as its new chairman, saying he would take over early in 2010 but giving no exact date.

Nasser will succeed Don Argus, chairman for more than 10 years, who is retiring.

Nasser, whose reputation as a cost cutter at Ford earned him the nickname 'Jac the Knife', joined the BHP board as a non-executive director in 2006 and is a member of the board's risk and audit committee.

When he takes over as chairman, Nasser will give up executive management duties with One Equity Partners, the private equity arm of JP Morgan but stay on in an non-executive and advisory role, BHP said.

He will also remain a director of British Sky Broadcasting and a member of the International Advisory Council of Allianz AG, BHP said.

'My priority commitment will be the chairmanship of BHP Billiton, duly recognising the challenges of a dual-listed company structure and the requirements to represent the interests of all shareholders in our key markets,' Nasser said.

(Reporting by Eric Onstad; Editing by Dan Lalor) Keywords: BHPBILLITON/ ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.