LONDON--Commodities titan Glencore Xstrata PLC (XTA.LN) said
Wednesday it has appointed John Mack, the former chief executive
and chairman of Morgan Stanley, to its board and said the search
for a new chairman is still ongoing.
Mr. Mack will be joined by Peter Grauer as independent
non-executive directors and Peter Coates as an executive
director.
The combined company, which was formed last month by merging
Glencore and Xstrata, is still searching for a new chairman after
shareholders ousted John Bond last month. Former BP PLC (BP) CEO
Tony Hayward was appointed as interim chairman and is leading the
search for a new chairman in consultation with external
shareholders.
Mr. Mack is currently a senior advisor to Morgan Stanley. He
retired as chairman of the bank in 2011 where he previously served
as CEO between June 2005 and December 2009. Before Morgan Stanley,
he served as CEO of Credit Suisse Group (CS) and CEO of Credit
Suisse First Boston.
Mr. Grauer is chairman of Bloomberg Inc, the global financial
media company that was founded in 1981 and where he served as CEO
and chairman between 2002 and 2011. Prior to Bloomberg, he served
as managing director of Donaldson, Lufkin & Jenrette from 1992
to 2000 when DLJ was acquired by Credit Suisse First Boston, the
bank where Mr. Mack was also CEO. He served as managing director
and senior partner of CSFB Private Equity until 2002. Mr. Grauer is
also director of New York listed DaVita HealthCare Partners Inc.
(DVA).
Mr. Coates is currently a senior executive of Glencore Xstrata.
Between the Glencore's initial public offering in 2011 and the
completion of the merger with Xstrata, Mr. Coates was a
Non-Executive Director at Glencore. He was previously Chief
Executive of Xstrata's coal business, having joined the company in
2002 when Glencore sold its Australian and South African coal
assets to Xstrata.
Mr. Coates is also non-executive director of Santos Limited, and
Amalgamated Holdings Ltd. (AHD.AU) and a director at Santos Ltd.
(STO.AU), each of which is listed on the Australian Stock
Exchange.
Mr. Hayward welcomed the appointment of the new directors,
saying they will "prove invaluable in continuing the strength of
debate and challenge which has typified the operation of the
Company's board since its IPO two years ago."
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires