Glencore Xstrata may soon name Tony Hayward as its new chairman
Mining giant Glencore Xstrata Plc is reportedly all set to name former BP Chief Executive Officer Tony Hayward as its new chairman.
Sources familiar with the developments at the mining group said the appointment of Mr. Hayward could be announced as early as late Thursday. Mr. Hayward has been a Glencore board member since April 2011 and interim chairman since May 2013.
It is believed that shareholders insisted on a full-time chairmanship for Mr. Hayward partly to counter-balance the company's powerful chief executive officer Ivan Glasenberg, who owns an 8.3 per cent stake in the company.
Fifty-six-year-old Hayward is reportedly planning to step down as chief executive of Genel Energy Plc within the next 1-2 years. He joined Glencore Xstrata's board as interim chairman after his company completed a $29 billion acquisition of the mining company in 2013. The mining company's then-interim Chairman John Bond was ousted by shareholders.
Earlier in 2011, Mr. Hayward created a shell company called Vallares Plc in partnership with financier Nathaniel Rothschild. The shell company last year raised £1.33 billion through an initial public offering (IPO) in London. In the same year, Vallares agreed to merge with Genel, which owns Kurdistan's biggest oil & gas operator.
Mr. Hayward resigned from BP in October 2010, in wake of disastrous Gulf of Mexico oil spill. A blast in the Deepwater Horizon oil platform on April 20, 2010 had killed eleven workers and unleashed the nastiest offshore oil spill in United States' history.