Mining giant Glencore announces new chairman former Luoyang Molybdenum International CEO takes office at the end of this month

Global commodity trading giant Glencore (Glencore) announced on Monday that current chairman Tony Hayward will step down on July 30, marking a further landing of the company's management succession. Just last Wednesday, Glencore announced the departure of meritorious CEO Glasenberg.

Like Glasenberg, Hayward decided at the last shareholder meeting that he would retire within a year. Hayward, 64, joined the board during Glencore's IPO in 2011 and was appointed chairman in 2013.

As Hayward's successor, Kalidas Madhavpeddi has nearly 40 years of international mining experience and joined Glencore's board of directors in February 2020. For the capital market, Madhavpeddi was previously more recognized as the CEO of the international business of Luoyang Luanchuan Molybdenum Industry, a listed company. During his tenure from 2008 to 2018, Madhavpeddi led a number of large mergers and acquisitions, including the $2.65 billion purchase of a controlling stake in Tenke, Congo's largest copper and cobalt mine, and the acquisition of the Brazilian niobium and phosphorus business from Anglo American.

Madhavpeddi, the new head of the international mining giant, also mentioned emission reduction targets in its appointment statement. Madhavpeddi said that as the world transitions to cleaner energy and transportation, the company's product portfolio can occasionally help the company meet its Paris climate goals and play a key role in the ongoing energy and transport transition.