The mega-merger of Xstrata and Glencore has claimed a senior management scalp as the man slated to be Chief Financial Officer of the new group stepped aside.
Xstrata said its CFO, Trevor Reid, had decided not to take up the equivalent position at Glencore Xstrata when the $31bn merger with Glencore International.
The company gave no reason for Reid's departure but said he would act as consultant to the combined group for a period of up to six months following completion of the merger.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
This would allow him to to support the integration of Xstrata's and Glencore's finance functions, Xstrata said.
Reid joined Xstrata in 2001 and helped transform the company from a $500m ferrochrome and zinc business with significant debt, into a globally diversified mining company worth almost 100 times that amount.
During his tenure, Xstrata raised over $17bn from the global capital markets and completed $35bn of acquisitions in 40 separate transactions.
The European Commission recently cleared the merger between commodities giant Glencore and mining behemoth Xstrata, baed on certain conditions.
The two companies still require regulatory approvals in both China and South Africa.
-
Best funds to add to your ISA or SIPP before the BudgetWith Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from any CGT hikes. We look at the best funds to buy now
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controlsThe Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
