In a surprise move, Glencore tightened its stranglehold on the new mining and trading joint venture as its shareholders voted out all the Xstrata directors including the outgoing chairman. In lieu of these former directors, the shareholders elected former BP head Tony Heyward.
This election vindicates Hayward after his participation in the Gulf of Mexico oil spill and presages his return into the corporate limelight in one of the largest companies in London.
Hayward was already appointed as a director and will now take on the role of Chairman until a replacement is found. He will also manage the nominations committee which is important as Glencore builds its board. He said though that he is not running to become chairman permanently for now.
The housecleaning was quick and swift and this allows Glencore the freedom to modify the combined mining and trading company as it enters into its three month evaluation period since it completed the merger earlier in the month.
The former chairman's immediate removal was unexpected as he was already scheduled to leave. John Bond oversaw the largest takeover in the mining industry and his unceremonious removal is a clear sign that Glencore is not following the merger between equals credo.
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