Glencore plc (LON:GLEN) has announced that Tony Hayward will retire as Chairman and Kalidas Madhavpeddi will be appointed as the new Chairman on 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 9 years on the Board.
Mr Madhavpeddi joined the Board of Glencore in February 2020. 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.
Tony Hayward said:
“I am very pleased that the Board has appointed Kalidas as my successor. His history of working in the resources industry and familiarity of operating across the globe provides excellent experience for this appointment. It has been an honour to have served as Chairman and I wish Kalidas and Glencore every success for the future.”
Kalidas Madhavpeddi said:
“I am delighted to have been appointed Chairman at such an exciting time for the business. As the world transitions to cleaner forms of energy and mobility, our portfolio of commodities will allow Glencore to play a key role in helping us achieve the goals of Paris and play a key role in the ongoing energy and mobility transition. 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.”
Gary Nagle, CEO, said:
“I look forward to working with Kalidas. 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.”