Glencore appoints Kalidas Madhavpeddi as Chairman to succeed Tony Hayward
The global precious metals and commodities miner has today announced that its new Chairman will be appointed at the end of July, after the retirement of Tony Hayward.
BAAR, Switzerland, July 5, 2021 (PRESS RELEASE) -- U.S.-based Madhavpeddi joined the board of the London-listed miner in February 2020 and is better known as the chief executive of China Molybdenum International (CMOC), a role he covered for almost ten years until 2018.
During his time at the Chinese producer, Madhavpeddi (pictured) made a series of sizable acquisitions, including U.S. Freeport-McMoRan Inc.'s (FCX.N) majority stake in the Tenke copper project in the Democratic Republic of Congo for $2.65 billion and Anglo American's (AAL.L) niobium and phosphates business in Brazil.
"I am delighted to have been appointed Chairman at such an exciting time for the business,"
Madhavpeddi said in a statement.
"As the world transitions to cleaner forms of energy and mobility, our portfolio of commodities will allow Glencore to play a key role in helping us achieve the goals of Paris and play a key role in the ongoing energy and mobility transition."
Miners are under pressure from investors and policymakers to cut out carbon emissions and tackle climate change.
Glencore has this month completed a management reshuffle with the appointment of new chief Gary Nagle, a shift to a younger leadership for the mining company.
About Glencore International
Glencore plc is a diversified natural resources company. The Company operates in three groups, metals and minerals, energy products, and agricultural products. Glencore offers its products and services around the world. In December 2020, Glencore announced a 1.5oC pathway aligned target of an absolute 40% reduction of our total emissions (Scope 1, 2 and 3) by 2035 on 2019 levels, consistent with the midpoint of the Intergovernmental Panel on Climate Change's 1.5oC scenarios and the 1.5oC pathways set out by the International Energy Agency. Post 2035, we set ourselves the ambition to achieve, with a supportive policy environment, net zero total emissions by 2050.
Source: Reuters News Agency