You can't keep a good man down.
The Board of Glencore Xstrata plc has announced the appointment of three new Directors of the Company with immediate effect.
John J Mack and Peter T Grauer have been appointed as Independent Non-Executive Directors and Peter Coates has been appointed as an Executive Director.
Mack is a senior advisor to Morgan Stanley and its former Chief Executive Officer and Chairman. Prior to that, he served as Co-Chief Executive Officer of Credit Suisse.
Grauer is the Executive Chairman and former Chief Executive Officer of Bloomberg Inc. Prior to that he served as Managing Director of Donaldson, Lufkin & Jenrette and CSFB Private Equity.
Coates is a senior executive at the Company. Between the Company’s IPO to completion of the Xstrata merger, Coates was a Non-Executive Director at Glencore. He was previously Chief Executive of Xstrata’s coal business.
Commenting on the new appointments, Tony Hayward, Interim Chairman, stated: 'The board is extremely pleased to be able to move forward with the appointment of three additional Directors. Each of them has an excellent business track record and extensive international experience, which we believe will prove invaluable in continuing the strength of debate and challenge which has typified the operation of the Company’s board since its IPO two years ago',
The search process for a new Chairman is ongoing. As previously indicated, the Board will consult with its major external shareholders as part of this exercise and will update the market as appropriate.
Currently a senior advisor to Morgan Stanley, he retired as Chairman in 2011 where he had previously served as Chief Executive Officer from June 2005 until December 2009. Mack first joined Morgan Stanley in May 1972, becoming a Director on the Board of Directors in 1987 and named President in 1993. Before rejoining Morgan Stanley as Chairman and Chief Executive Officer in June 2005, Mack served as Co-Chief Executive Officer of Credit Suisse Group and Chief Executive Officer of Credit Suisse First Boston.
Mack is a graduate from Duke University. He serves on the Advisory Board for China Investment Corporation, is a member of the International Business Council of the World Economic Forum, the NYC Financial Services Advisory Committee and the Shanghai International Financial Advisory Council.
Currently the Chairman of Bloomberg Inc., the global financial media company that was founded in 1981. He was Chairman and Chief Executive Officer from 2002-2011 and has been a member of Bloomberg’s Board of Directors since 1996. Prior to this, he was Managing Director of Donaldson, Lufkin & Jenrette from 1992 to 2000 when DLJ was acquired by Credit Suisse First Boston and founder of DLJ Merchant Banking. He served as Managing Director and senior partner of CSFB Private Equity until 2002.
Grauer graduated from the University of North Carolina and the Harvard University Graduate School of Business, Program for Management Development in 1975. Grauer is a director of Davita Healthcare Partners. (NYSE:DVA), a healthcare services company. Grauer is also a member of the International Business Council of the World Economic Forum, the UNC Chapel Hill Board of Trustees and a trustee of Rockefeller University.
Currently a senior executive of Glencore Xstrata and a non-executive Director of Santos Limited, and Amalgamated Holdings Limited. Until April 2011, he was a non-executive Director and Chairman of Minara Resources Ltd., a position he held since May 2008. Coates has occupied many senior positions in a diverse range of resource companies, including those mining silver, lead, nickel, iron ore, bauxite and coal. Mr Coates was previously the Chief Executive of Xstrata’s coal business, having joined the company in 2002 when Glencore sold its Australian and South African coal assets to Xstrata. Coates is a past Chairman of the Minerals Council of Australia, the NWS Minerals Council and the Australian Coal Association.
Coates holds a Bachelor of Science degree in Mining Engineering from the University of New South Wales. He was appointed to the Office of the Order of Australia in June 2009 and awarded the Australasian Institute of Mining and Metallurgy Medal for 2010.