Officials at top commodities and mining giant Glencore Xstrata plc have named Tony Hayward, the ex-BP CEO ousted after the Gulf of Mexico oil spill, as their permanent chair following a yearlong search.
In his new role, according to analysts, the 56-year-old is expected to help the company with oil sector acquisitions, a growing part of Glencore’s portfolio, along with copper. His interim chairmanship began last year after the Baar, Switzerland-based company completed its $29 billion acquisition of Xstrata Plc.
A Glencore board member since its $10 billion initial public offering in Q2 2011, Hayward resigned from BP in Q4 2010 after an April explosion at the Deepwater Horizon rig killed 11 workers and spawned one of the greatest environmental disasters in recent history.
Nonetheless, over 2013, Hayward “provided exemplary leadership of the board and the outstanding candidate to take on the role permanently,” Peter Grauer, chair of the nomination committee, said in a statement. “We look forward to harnessing his in-depth knowledge of the resources industry.”