(Bloomberg) — Glencore Plc, the world’s top commodities trader, named mining veteran Kalidas Madhavpeddi as its new chairman, completing a raft of leadership changes at the company.
Madhavpeddi has worked in the mining industry for more than 40 years, including spending a decade as CEO of China Molybdenum International. Glencore gains a new chairman with extensive experience of working in the Democratic Republic of Congo, home to some of the company’s most important mines, and someone who has worked closely with China for years.
The latest appointment concludes the overhaul of Glencore’s top management over the past few years. Tony Hayward’s departure as chairman, which was flagged earlier this year, comes just one week after Gary Nagle replaced billionaire Ivan Glasenberg as chief executive officer.
The new chairman joins as Glencore navigates an array of challenges. The company is facing several probes, including from the U.S. Department of Justice for possible money laundering and corruption, while questions also continue about the future of its sprawling coal business.
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