Glencore Xstrata Appoints Ex-BP CEO As Interim Chairman

Glencore Xstrata Appoints Ex-BP CEO As Interim Chairman

Glencore Xstrata PLC (LON:GLEN) announced Thursday that the board of directors has appointed Tony Hayward as the interim chairman. Mr. Hayward will resume charge with immediate effect and will vacate the chair once the new chairman takes the charge, reports WSJ.

Glencore Xstrata Appoints Ex-BP CEO As Interim Chairman

The nominations committee of the recently formed company will meet today to decide on the candidates for the board and also for the new Chairman.

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The firm formed with the merger of Swiss Commodities trader Glencore International Plc. and mining firm Xstrata PLC (LON:XTA) revealed earlier that the committee will consult the major external shareholders before reaching any decision.

With the appointment as Interim Chairman, Mr. Hayward, 55, will after a long time return to the top tier of the U.K. corporate sector. Currently, he is the CEO of a small oil company, Genel Energy PLC (LON:GENL), whose main operations are in the Kurdish region of Iraq. Mr. Hayward is also Glencore Xstrata PLC (LON:GLEN)’s senior independent director and deputy chairman.

Glencore Xstrata (GEN) Shareholders Voted Against John Bond

Mr. Hayward’s appointment as the interim CEO follows a voting where the Glencore Xstrata PLC (LON:GLEN) shareholders voted against the re-appointment of former chairman John Bond.

John Bond has been the company’s chairman since May 2011. The 70 year old played an important role in the formation of Glencore Xstrata PLC (LON:GLEN), the world’s No. 4 diversified miner. In November last year, he announced his intentions to step down from his post as head of the combined group but only after the new chairman has been appointed. Mr. Bond took this decision after the shareholders voted against the Xstrata PLC (LON:XTA)’s terms for the proposed merger, which included a questionable retention package for the Anglo-Swiss mining company’s top managers. At that time, Mr. Bond was highly criticized for agreeing to the opposed terms.

Mr. John, a London veteran, has served as chairman and chief executive of HSBC Holdings plc (LON:HSBA) (NYSE:HBC) and has also been the chairman of Vodafone Group Plc (NASDAQ:VOD) (LON:VOD).  The exit of Mr. Bond will give a free hand to Ivan Glasenberg, chief executive, to reshape Glencore Xstrata PLC (LON:GLEN).

The mining and commodities trading giant also revealed that Steve Robson, one of the directors on the board, has also resigned effective immediately.  Mr. Robson has been on the board since 2002.

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