Ex-BP chief Hayward takes Glencore chair

Former BP chief executive Tony Hayward will become interim chairman of merged commodities giant Glencore Xstrata, after shareholders ousted Xstrata incumbent Sir John Bond.

Bond had been criticised by shareholders for insisting on a £140m plan to retain Xstrata managers following the merger. He had already agreed to resign in November, but yesterday 81% of investors backed his immediate removal and replacement with Hayward. Hayward, who resigned from BP in 2010 after presiding over the 2010 Deepwater Horizon oil rig disaster, has been an independent director of Glencore since it listed on the stock exchange in 2011. He will take over the chair until a permanent replacement is found. The Glencore Xstrata merger, which completed on 2 May, had been de...