Glencore taps former China Moly CEO as new Chairman
(Kitco News) - The board of Glencore announced today that Tony Hayward will retire as Chairman and Kalidas Madhavpeddi will be appointed as the new Chairman on 30 July.
According to the company's statement, 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, Glencore said.
The company added that Kalidas 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 is currently a non-executive director of Novagold Resources, Trilogy Metals and Dundee Precious Metals, which are listed on the Toronto Stock Exchange.
CEO Gary Nagle 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."
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The group's operations comprise around 150 mining and metallurgical sites and oil production assets.