Glencore Xstrata dumps veteran chairman John Bond

A shareholder revolt at the newly formed Glencore Xstrata has seen veteran chairman Sir John Bond ousted from the board with his chairmanship handed to former BP boss Tony Hayward.

A total of 80.85 percent of shareholders on Thursday voted against re-electing former Xstrata official Bond (pictured).

In a statement, Glencore Xstrata said that it took note of the results and that it was launching the search process for a new chairman.

"Given that Sir John Bond is no longer a director, the board has appointed Tony Hayward as interim chairman with immediate effect, with the intention that he will step down once a new chairman takes up the role," it said.

Hayward, who quit as head of energy giant BP in the wake of the 2010 Deepwater Horizon oil rig spill in the Gulf of Mexico, had been serving as an independent non-executive director of Glencore Xstrata.

Four other non-executive directors – all formerly of Xstrata –were also ousted on Thursday.

The Swiss-based group was created just a few weeks ago through the merger of commodities trading giant Glencore and mining group Xstrata.

Image: © Getty

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