Glencore Xstrata likely to eschew Hayward as chairman

5th Mar 2014 16:07

Former BP boss Tony Hayward is unlikely to retain the Chairman's seat at Glencore Xstrata full-time unless he gives up his role at another company. Hayward, who oversaw BP during its notorious Deepwater Horizon oil spill, has filled in as Interim Chairman since last May after Sir John Bond was voted out by investors unhappy with bonus plans. But Glencore Chief Executive Ivan Glasberg has said Hayward cannot take the job full-time as well as remaining as boss of Kurdistan-focused Genel Energy. 'I doubt you could have a chairman of a major FTSE 100 company who's also CEO of another company,' he said, according to The Daily Mail. Glasenberg has promised to name a new chairman by the annual meeting on May 20th.Recent results from the commodities giant revealed a plan to convert more than £500m of loans to Russian oil firm Russneft into an equity stake in the company, as well as the continuation of talks to sell its Las Bambas copper project in Peru to Chinese firm Minmetals.OH