Glencore in control as Xstrata cleared from board
Source: Agencies |
May 17, 2013, Friday
|
Print Edition
Print Edition
GLENCORE bosses tightened their grip on the newly enlarged miner and trader yesterday, as shareholders voted out all former Xstrata directors including the already outgoing chairman, replacing him with former BP boss Tony Hayward.
The move propels Hayward who was "vilified" for his role in the Gulf of Mexico oil spill back into the corporate limelight at one of London's largest companies.
Already a director, Hayward will take the chairman's role until a replacement is found and will run the nominations committee, key as Glencore rebuilds its board. He is not, though, in the running to take the job permanently.
The clean-up at the top yesterday was abrupt and fast - handing Glencore a freer hand to restructure the combined company as it begins a three-month evaluation period since the merger closed earlier this month.
Investors and analysts had expected Glencore to put its stamp on the combined miner and trader following the mining industry's largest takeover, but former Xstrata chairman John Bond's ousting with immediate effect was unexpected, as he was already due to leave.
Bond announced his exit at the start of Glencore Xstrata's first annual general meeting. Voting results showed almost 81 percent of voting shareholders opposed his nomination.
Shareholders also voted against the reelection of three other Xstrata directors - Con Fauconnier, Peter Hooley and Ian Strachan. A fourth director, Steve Robson, resigned earlier.
The move propels Hayward who was "vilified" for his role in the Gulf of Mexico oil spill back into the corporate limelight at one of London's largest companies.
Already a director, Hayward will take the chairman's role until a replacement is found and will run the nominations committee, key as Glencore rebuilds its board. He is not, though, in the running to take the job permanently.
The clean-up at the top yesterday was abrupt and fast - handing Glencore a freer hand to restructure the combined company as it begins a three-month evaluation period since the merger closed earlier this month.
Investors and analysts had expected Glencore to put its stamp on the combined miner and trader following the mining industry's largest takeover, but former Xstrata chairman John Bond's ousting with immediate effect was unexpected, as he was already due to leave.
Bond announced his exit at the start of Glencore Xstrata's first annual general meeting. Voting results showed almost 81 percent of voting shareholders opposed his nomination.
Shareholders also voted against the reelection of three other Xstrata directors - Con Fauconnier, Peter Hooley and Ian Strachan. A fourth director, Steve Robson, resigned earlier.
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