LONDON, June 12 Glencore Xstrata has
appointed former Morgan Stanley boss John Mack as an independent
director, bringing in a Wall Street heavyweight as it rebuilds
the board of the recently merged company.
Less than a month after a shareholder vote ousted all former
Xstrata directors, the commodities miner and trader said on
Wednesday it had appointed three new directors, including Mack,
but also Peter Grauer - another investment banking veteran, now
chairman of information provider Bloomberg - and Peter Coates, a
veteran of the commodities group.
Mack and Grauer bring Wall Street expertise to the board as
independent non-executive directors. Coates, who is charged with
the integration of Glencore and Xstrata, will be an executive
A former chief executive and chairman who led Morgan Stanley
through the financial crisis, Mack left the bank - still one of
Glencore's key advisers - in 2011, but has taken on other roles
in the financial services industry, including as adviser to
private equity group KKR.
Peter Grauer, a veteran of now defunct investment bank
Donaldson, Lufkin & Jenrette and CSFB Private Equity, has been
Bloomberg chairman for over a decade.
Coates is a 45-year veteran of the resource industry,
formerly head of Xstrata's coal business before retiring in
2008. He stepped down as chairman of Australian oil and gas firm
Santos to take the executive role.
The group said its search for a new chairman continues, as
it consults with major investors after the abrupt exit of former
Xstrata chairman John Bond last month.