Glencore names Kalidas Madhavpeddi as new chairman

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LONDON, July 5 (Reuters)Swiss commodities dealer Glencore GLEN.L stated on Monday Kalidas Madhavpeddi will take over as its new chairman on the finish of the month, when Tony Hayward retires after eight years within the function.

U.S.-based Madhavpeddi joined the board of the London-listed miner in February 2020 and is healthier often known as the chief govt of China Molybdenum Worldwide (CMOC), a job he lined for nearly ten years till 2018.

Throughout his time on the Chinese language producer, Madhavpeddi made a sequence of sizable acquisitions, together with U.S. Freeport-McMoRan Inc.’s FCX.N majority stake within the Tenke copper undertaking within the Democratic Republic of Congo for $2.65 billion and Anglo American’s AAL.L niobium and phosphates enterprise in Brazil.

“I’m delighted to have been appointed Chairman at such an thrilling time for the enterprise,” Madhavpeddi stated in an announcement.

“Because the world transitions to cleaner types of power and mobility, our portfolio of commodities will permit Glencore to play a key function in serving to us obtain the objectives of Paris and play a key function within the ongoing power and mobility transition.”

Miners are below strain from traders and policymakers to chop out carbon emissions and sort out local weather change.

Glencore has this month accomplished a administration reshuffle with the appointment of latest chief Gary Nagle, a shift to a youthful management for the mining firm.

(Reporting by Clara Denina and Yadarisa Shabong; Enhancing by Shounak Dasgupta and Louise Heavens)

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