The Daily Telegraph - Business
Glencore hires new chairman in leadership overhaul
GLENCORE, the FTSE 100 miner, has appointed an industry veteran as its new chairman in the final stage of its leadership overhaul.
Kalidas Madhavpeddi, who was chief executive of the international arm of one of China’s largest miners for almost a decade, will take up the role at the end of the month.
During his time at China Molybdenum, Mr Madhavpeddi oversaw the $2.65bn (£1.9bn) purchase of a majority stake in the Tenke copper project in the Democratic Republic of the Congo.
He has been on Glencore’s board since February last year, and will take over from Tony Hayward, the former BP chief executive who is retiring after eight years as Glencore’s chairman.
It comes after former chief executive Ivan Glasenberg retired last week after 20 years in the top job where he built the company from scrappy trader into global trading giant with sales of more than $142bn.
Gary Nagle, who has taken over from Mr Glasenberg as chief executive, said Mr Madhavpeddi would bring “decades of experience across the resources sector”. The company is seeking to adapt to growing demand for copper and cobalt for electric car batteries as well as pressure from investors to cut down on coal.
Glencore has pledged to cut carbon emissions to net zero by 2050, but has recently bought out its partners in one of the world’s largest coal mines, Cerrejon in Colombia, saying that it will run the mine more responsibly than other potential owners.
Mr Madhavpeddi is likely to take over Hayward’s position on a committee Glencore set up to respond to a subpoena from the US Department of Justice relating to potential corruption. The company is also cooperating with a bribery investigation from the Serious Fraud Office.
The investigation and exposure to coal have weighed on Glencore’s shares, which are about 40pc lower than their 2011 float price of 530p.