Glencore has announced the appointment of industry stalwart Kalidas Madhavpeddi as its new chair.
Madhavpeddi’s appointment is effective from July 30, when he replaces retiring chair Tony Hayward.
“I am very pleased that the board has appointed Kalidas as my successor,” said Hayward. “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.”
Hayward was elected to the board at the time of the company’s IPO (international public offering) in May 2011 and appointed as chair 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,” according to a statement from Glencore.
Madhavpeddi has been on the board of Glencore since February 2020 and has over 40 years’ experience in international mining, including a decade as CEO of China Molybdenum International from 2008 to 2018.
His career started at Phelps Dodge, where he worked for 26 years, ultimately becoming senior vice-president responsible for the company’s global business development, acquisitions and divestments, as well as its global exploration programmes.
Madhavpeddi is currently a non-executive director of Novagold Resources, Trilogy Metals and Dundee Precious Metals, which are listed on the Toronto Stock Exchange.
“I am delighted to have been appointed chairman at such an exciting time for the business,” says Madhavpeddi.
“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 [environmental, social and governance] matters and in particular Glencore’s climate strategy.”
Glencore CEO Gary Nagle says he looks forward to working with Madhavpeddi. “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.”
* Palesa Mofokeng is a Moneyweb intern.