Glencore Xstrata names former BP boss Hayward chairman

Home » WORLD » Glencore Xstrata names former BP boss Hayward chairman

By Zimbabwe Investor on May 8, 2014. No Comments

The former BP boss Tony Hayward has returned to the top ranks of the corporate world, becoming permanent chairman of Glencore Xstrata, the FTSE 100 commodity trading and mining group.

Hayward, who left the oil firm in disgrace following the Gulf of Mexico oil disaster, had served as acting chairman of Glencore over the past year, after the City veteran Sir John Bond was ousted from the board last May.

Peter Grauer, who chairs Glencore’s nomination committee, said: “Over the last 12 months, Tony has provided exemplary leadership of the board and proved himself to be the outstanding candidate to take on the role permanently. We continue to look forward to harnessing his in-depth knowledge of the resources industry and of listed company governance to underpin the mandate given to him as chairman to lead the board in helping to deliver long-term, sustainable returns for shareholders.”

The appointment marks an extraordinary rehabilitation for Hayward, whowas forced out of BP in July 2010 after the Gulf of Mexico disaster – the biggest marine oil spill in history. He was vilified across America after he said “I want my life back” in the aftermath of the explosion that killed 11 people and devastated the livelihoods of many others.

Hayward, who had spent his entire career at BP, was quick to move onand helped launch an investment vehicle called Vallares to tap into Kurdistan’s oil riches. He began his comeback in the FTSE 100 world by joining Glencore’s board as an independent director in April 2011 ahead of the commodities trader’s flotation.