Former BP Boss Won't Wield Much Power at Glencore Xstrata

Tony Hayward is now interim chairman of Glencore Xstrata but Morningstar analysts say he's no match for CEO Glasenberg

Holly Cook 16 May, 2013 | 5:00PM
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The comeback of Tony Hayward, formerly of BP (BP.) ‘fame’, continued this week when he was named as the interim chairman of the newly-combined commodities giant Glencore Xstrata (GLEN), following the ousting of Sir John Bond by shareholders. 

Shares in the commodities trader, which finally completed its merger with diversified miner Xstrata earlier this month, ticked up 1.0% on Thursday's AGM news. Sir Bond, who had already announced his intention to step down in a few months’ time, was voted out of the role of chairman by 80.85% of votes at the combined firm’s first AGM, which took place on Wednesday in Switzerland. 

Sir Bond’s loss of support was triggered in part by his agreeing excessive payments for executives as part of the merger process, and also by a major Xstrata shareholder managing to secure a favourable share-swap offer from Glencore when it threatened to vote against the original, less favourable, offer. 

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
BP PLC303.00 GBX-1.01Rating
Glencore PLC329.30 GBX-0.24Rating

About Author

Holly Cook

Holly Cook  is Manager, Morningstar EMEA Websites

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