On Air Now

Listen

Listen Live Now » 103.7 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
30° Feels Like: 20°
Wind: NNE 14 mph Past 24 hrs - Precip: 0.17”
Current Radar for Zip

Tonight

Partly Cloudy/Wind 25°

Tomorrow

Mostly Sunny 50°

Fri Night

Partly Cloudy 31°

Alerts

Glencore boosts board with former Morgan Stanley boss

The logo of Glencore is pictured in front of the company's headquarters in the Swiss town of Baar, November 13, 2012. REUTERS/Michael Buholz
The logo of Glencore is pictured in front of the company's headquarters in the Swiss town of Baar, November 13, 2012. REUTERS/Michael Buholz

LONDON (Reuters) - Glencore Xstrata has appointed former Morgan Stanley boss John Mack as an independent director, bringing in a Wall Street heavyweight as it rebuilds the board of the recently merged company.

Less than a month after a shareholder vote ousted all former Xstrata directors, the commodities miner and trader said on Wednesday it had appointed three new directors, including Mack, but also Peter Grauer - another investment banking veteran, now chairman of information provider Bloomberg - and Peter Coates, a veteran of the commodities group.

Mack and Grauer bring Wall Street expertise to the board as independent non-executive directors. Coates, who is charged with the integration of Glencore and Xstrata, will be an executive director.

A former chief executive and chairman who led Morgan Stanley through the financial crisis, Mack left the bank - still one of Glencore's key advisers - in 2011, but has taken on other roles in the financial services industry, including as adviser to private equity group KKR.

Peter Grauer, a veteran of now defunct investment bank Donaldson, Lufkin & Jenrette and CSFB Private Equity, has been Bloomberg chairman for over a decade.

Coates is a 45-year veteran of the resource industry, formerly head of Xstrata's coal business before retiring in 2008. He stepped down as chairman of Australian oil and gas firm Santos to take the executive role.

The group said its search for a new chairman continues, as it consults with major investors after the abrupt exit of former Xstrata chairman John Bond last month.

(Reporting by Clara Ferreira-Marques; editing by Patrick Graham)

Comments