Glencore shareholders dump chairman Bond
John Bond, the chairman of Glencore Xstrata, the world's largest exporter of power-station coal, was deposed by his shareholders yesterday, with the former chief executive of BP, Tony Hayward, appointed as interim chairman in his place.
John Bond, the chairman of Glencore Xstrata, the world's largest exporter of power-station coal, was deposed by his shareholders yesterday, with the former chief executive of BP, Tony Hayward, appointed as interim chairman in his place.
Bond stepped down at the start of Glencore's annual meeting in Zug, Switzerland, saying he did not have enough support.
Shareholders voted 80.85 per cent against his selection, Glencore said in a statement later. The company is seeking candidates and consulting with major external shareholders, and Hayward will step down once a replacement is found, it said.
Glencore halted trading on the Hong Kong stock exchange yesterday, before the annual meeting in Switzerland
Glencore completed the US$29 billion acquisition of Xstrata this month to create the world's fourth-biggest mining company, with a market value of about US$68 billion.
The ousting of Bond and fellow director Steve Robson, who also announced he was quitting yesterday, adds to a list of Xstrata executives who departed in recent months as the completion of the takeover neared.
