Kalidas Madhavpeddi
Multinational mining giant Glencore has appointed Kalidas Madhavpeddi as its new chairperson, with effect from July 30.
Madhavpeddi will succeed Tony Hayward, who is retiring.
Hayward was appointed to the board at the time of the company’s initial public offering in May 2011 and was appointed as chairperson in 2013.
Madhavpeddi joined the board of Glencore in February 2020. He has over 40 years of experience in the international mining industry, including being CEO of China Molybdenum International from 2008 to 2018.
CEO Gary Nagle says Madhavpeddi’s “decades of experience” across the resources sector will be “invaluable to Glencore” as the miner focuses on achieving its objectives of sustainable shareholder returns and attaining its ambition of net zero total emissions by 2050, while also focusing on the green energy transition.
While neither Nagle or Madhavpeddi have had “significant exposure to the London market”, Liberum analyst Ben Davis, in a separate statement on July 5, noted that investors would “be keen” to get to know both of the new Glencore additions over the next few months.