Glencore Xstrata brings in former BP boss as interim Chairman

Glencore Xstrata has brought in former BP Chief Executive Tony Hayward as its interim Chairman, a source told Reuters.

John Bond, a former Chairman of Xstrata, was voted out of the top job at the newly merged business.

He gave no reason for the vote in Zug, Switzerland, which was understood to have been backed by Glencore executives who own almost 25% of the company.

Hayward, already a senior independent director on the board, is expected to lead the nominations committee which will pick a permanent replacement.

The company is anticipated to appoint a new Chairman by the end of the year, another source told the news agency.

Hayward's appointment as interim Chairman could be seen as a return to the top of a UK-listed resource firm after leaving BP following the 2010 Gulf of Mexico oil spill. He once said he felt "demonised and vilified" over the disaster.

The tie-up of Glencore Xstrata began last year as a merger of equals before turning into a full takeover to secure shareholder approval. The takeover of Xstrata by Glencore was the largest ever in the mining industry.

RD