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GlencoreXstrata names three to board

Keywords: Tags  Glencore International, Xstrata, GlencoreXstrata, board, John Mack, Morgan Stanley, Peter Grauer, Bloomberg Peter Coates


NEW YORK — GlencoreXstrata Plc has appointed three new directors to its board, two with leadership backgrounds at major U.S. companies, the company said June 12.

John Mack, former chairman and current advisor to Morgan Stanley; and Peter Grauer, executive chairman and former chief executive officer of Bloomberg Inc., have been named as non-executive directors by the Baer, Switzerland-based company. The board also appointed Peter Coates, a current senior executive at GlencoreXstrata, as executive director.

"Each of (the appointed directors) has an excellent business track record and extensive international experience, which we believe will prove invaluable in continuing the strength of debate and challenge which has typified the operation of the company’s board since (Glencore’s) IPO two years ago," interim chairman Tony Hayward said in a statement.

The company is still looking for a board chairman and will consult major external shareholders throughout the search, it said.

GlencoreXstrata has been restructuring its board since the $33-billion merger of Glencore International Plc and Xstrata Plc was finalized last month after delays due to regulatory issues and required approval from foreign governments, the latest of which was China ( amm.com, April 16).


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