Xstrata has provided more details on the managers stepping down following its Glencore merger, with the full executive committee set to depart once the deal is inked.
In a statement yesterday Xstrata said CEO Mick Davis had agreed not to take a six month role as CEO of the newly merged Glencore Xstrata, and would instead be stepping down following completion of the merger.
The deal is expected to be sealed on May 2, with Glencore CEO Ivan Glasberg to take the role of CEO of the combined group.
Along with Davis the following managers, who make up the full list of Xstrata's executive committee, will also be departing:
- CFO Trevor Reid
- Copper Chief Executive Charlie Sartain
- Nickel Chief Executive Ian Pearce
- Interim Chief Executive of Alloys Loutjie Smit
- Executive General Manager, Strategy and Corporate Affairs Thras Moraitis
- Chief Legal Counsel Benny Levene
Moraitis, Levene, and Reid will stay on at Glencore Xstrata for up to six months to ensure a smooth transition.
As he prepares to depart, Xstrata CEO Mick Davis said he could look back on his 11 years at the company with “enormous satisfaction”.
“All those who travelled on the journey enjoy my most sincere respect and of course great appreciation,” he said.
“At Xstrata we have been proud not only of producing the vital building blocks of society, but also of the way we have gone about this quest – with a clear understanding of the need to do so in an entrepreneurial and sustainable manner that creates shared value for all stakeholders.”
“I look to my colleagues to keep this legacy alive within the new Glencore Xstrata for many years to come.”