Glencore Xstrata PLC confirmed Tony Hayward as permanent chairman of the mining and commodities trading group, sealing the former BP chief executive’s comeback from the worst offshore oil spill in US history.
Hayward, who is also chief executive of London-listed oil company Genel Energy PLC, has been Glencore Xstrata’s interim chairman since May last year, when his predecessor Sir John Bond was ousted by shareholders.
At the time, Glencore Xstrata said Hayward would return to his role as a senior independent director once a chairman was found.
Other leading candidates for the role were former Vale SA boss Roger Agnelli and ex-BG Group CEO Frank Chapman, sources said. The final decision was made after consultation with shareholders.
Hayward’s confirmation as chairman of one of the world’s largest mining groups completes his return to the corporate big league after he was forced out of BP following the 2010 Deepwater Horizon rig blowout and oil spill in the Gulf of Mexico.
He was severely criticized for his handling of the disaster that killed 11 people and left huge stretches of sea and coast ravaged with oil and experimental chemicals used to disperse the leaked crude.
Hayward is expected to eventually step down as chief executive of Genel, the oil and gas explorer he has invested in alongside British-born financier Nat Rothschild, a source close to the matter said.
IRAQI OIL FIRM
Genel, which focuses on producing oil in Kurdistan, an autonomous region in Iraq, declined to comment on whether Hayward would leave, but one media report on Wednesday said Hayward would leave Genel after a successor has been found and a handover period allowed to take place, while another said Hayward was expected to leave within a year.
In his permanent role at Glencore Xstrata, Hayward could help the company with new acquisitions in the oil sector.
“Oil seems to be a growing arm of the Glencore business and if they want to push and expand a bit more, Tony’s expertise can certainly help with that,” Investec analyst Marc Elliott said.
BOARD WOES
Meanwhile, a group of British public sector pension funds has opposed Hayward’s appointment and asked its members to vote against him in protest at the company’s failure to set targets for female representation on its board.
Glencore defended its position and said it was searching for suitable female board members.
“Glencore values and promotes diversity across its business. The appointment of a female board member is a significant consideration, and our nominations committee is working to identify appropriate female candidates,” a Glencore official said in a statement.
Glencore expanded its oil and gas operations with the ￡800 million (US$1.4 billion) acquisition of Chad-focused energy company Caracal Energy last month.
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