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Chairman purged from Glencore Xstrata board

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Chairman purged from Glencore Xstrata board
John Bond, just one of several former Xtrata executives sacked from Glencore Xstrata board. Photo: Fabrice Coffrini/AFP
18:21 CEST+02:00
The chairman of newborn mining and commodities giant Glencore Xstrata, John Bond, was on Thursday axed by its annual general meeting in Zug, just weeks after the Swiss-based group was created via a merger of two key players.

A total of 80.85 percent of shareholders voted against reelecting former Xstrata official Bond.
   
In a statement, Glencore Xstrata said that it took note of the results and 
that it was launching the search process for a new chairman.
   
"Given that Sir John Bond is no longer a director, the board has appointed 
Tony Hayward as interim chairman with immediate effect with the intention that he will step down once a new chairman takes up the role," the company said.
   
Hayward, who quit as head of energy giant BP in the wake of the 2010 
Deepwater Horizon oil rig spill in the Gulf of Mexico, had been serving as an independent non-executive director of Glencore Xstrata.
   
In November, Bond had announced that he would step down after the Glencore 
Xstrata merger was complete, but only after a successor had been identified.
   
But he caused a stir at the start of Thursday's meeting by announcing that 
he was in any case not set to be reelected and, without offering an explanation to shareholders, asking Hayward to chair the assembly.
   
Three other members of the board, all previously with Xstrata, were also 
ditched by the annual general meeting.
   
Commodities trader Glencore International's merger with mining corporation 
Xstrata was painted as a marriage of equals.
   
But the new group, steered by Glencore's Ivan Glasenberg, has kept on just 
two former Xstrata officials in key posts.
   
In addition, the company 
on Monday dumped plans for a new billion-dollar coal export terminal in Australia's Queensland state, citing poor current market conditions and concerns about the industry outlook.
   
The terminal project was the brainchild of Xstrata.

   
Glasenberg recently pledged to launch a cost-saving drive, notably by 
trimming the Xstrata-era administration.
   
Glencore Xstrata was created formally at the beginning of this month after 
having been put on ice for several months pending approval from Chinese regulators.

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