LONDON - Glencore Xstrata named John J. Mack, Morgan Stanley’s former chief executive, and Peter T. Grauer, executive chairman of information provider Bloomberg, as non-executive directors to its board on Wednesday.
The mining and commodities trading company is rearranging its board following the combination of Glencore International and Xstrata that was completed last month. The company also named Peter Coates, who advised Glencore Xstrata’s chief Ivan Glasenberg on the integration, as an executive director.
Glencore Xstrata is still searching for a chairman after the departure of John Bond, who failed to receive enough shareholder support at an investor meeting in May amid anger over multibillion-dollar bonuses to retain some Xstrata managers. Tony Hayward, the former chief executive of BP who sits on Glencore Xstrata’s board was appointed to fill the position on an interim basis until a more permanent replacement can be found.
Mr. Hayward said on Wednesday that the new directors have “an excellent business track record and extensive international experience, which we believe will prove invaluable in continuing the strength of debate and challenge which has typified the operation of the company’s board.â€
Mr. Mack retired as chairman of Morgan Stanley in 2011 and continues to be a senior adviser to the bank. He was Morgan Stanley’s chief executive from 2005 until 2009. Mr. Grauer was previously chief executive of Bloomberg and a senior partner at Credit Suisse’s private equity business. Mr. Coates previously managed Xstrata’s coal business after the company bought the Australian and South African coal assets from Glencore.
