Glencore board welcomes a new Chair
He’ll be replaced by Kalidas Madhavpeddi as of 30 July.
Tony Hayward was appointed to the Board at the time of the Company’s IPO in May 2011 and appointed as Chairman in 2013.
Following consultation with the Company’s largest institutional shareholders it was agreed that he would retire as Chairman within the year after our last AGM, following a second extension of his tenure beyond nine years on the Board, the company said in a statement.
“Mr Madhavpeddi joined the Board of Glencore in February 2020,” the company said.
“He has over 40 years of experience in the international mining industry, including being CEO of China Molybdenum International (China Moly) from 2008 to 2018.
“He started his career at Phelps Dodge, where he worked from 1980 to 2006, ultimately becoming Senior Vice President responsible for the company’s global business development, acquisitions and divestments, as well as its global exploration programs.”
He is currently a non-executive director of Novagold Resources Inc., Trilogy Metals Inc. and Dundee Precious Metals Inc., which are listed on the Toronto Stock Exchange.
Incoming Glencore Board Chair Kalidas Madhavpeddi
As the world transitioned to cleaner forms of energy and mobility, Glencore’s portfolio of commodities will allow it to play a key role in helping achieve the goals of Paris and play a key role in the ongoing energy and mobility transition,”said Mr Madhavpeddi.
“On behalf of the Board, I would like to thank Tony for his leadership over the last eight years, especially with regard to the Group’s progress on ESG matters and in particular Glencore’s climate strategy. We wish him all the best for the future.”
He was looking forward to working with the new Chair said CEO Gary Nagle.
“I look forward to working with Kalidas,”: he said.
“His decades of experience across the resources sector will be invaluable to Glencore as we focus on achieving our objectives of sustainable shareholder returns and attaining our ambition of net zero total emissions by 2050 while also focusing on the green energy transition.”
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities.
The Group’s operations comprise around 150 mining and metallurgical sites and oil production assets in more than 35 countries. Glencore’s companies employ around 135,000 people, including contractors.
Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors.
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