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Glencore names new chairman to complete leadership overhaul

Named mining veteran Kalidas Madhavpeddi as its new chairman, completing a raft of leadership changes at the company.
Image: Stefan Wermuth/Bloomberg

Glencore Plc, the world’s top commodities trader, named mining veteran Kalidas Madhavpeddi as its new chairman, completing a raft of leadership changes at the company.

Madhavpeddi has worked in the mining industry for more than 40 years, including spending a decade as CEO of China Molybdenum International. Glencore gains a new chairman with extensive experience of working in the Democratic Republic of Congo, home to some of the company’s most important mines, and someone who has worked closely with China for years.

The latest appointment concludes the overhaul of Glencore’s top management over the past few years. Tony Hayward’s departure as chairman, which was flagged earlier this year, comes just one week after Gary Nagle replaced billionaire Ivan Glasenberg as chief executive officer.

The new chairman joins as Glencore navigates an array of challenges. The company is facing several probes, including from the US Department of Justice for possible money laundering and corruption, while questions also continue about the future of its sprawling coal business.

Hayward, the former CEO of BP Plc, has been chairman since 2013, a period longer than recommended under UK governance code. Still, the board had extended his stay to oversee the wider management changes.

“I am very pleased that the board has appointed Kalidas as my successor,” Hayward said in a statement Monday. “His history of working in the resources industry and familiarity of operating across the globe provides excellent experience for this appointment.”

Madhavpeddi, who joined Glencore’s board last year, also spent more than 25 years at US miner Phelps Dodge, and is currently a non-executive director at Novagold Resources Inc. He will start as Glencore chairman at the end of this month.

© 2021 Bloomberg

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