Xstrata finance chief to leave post
Xstrata's finance director has decided against remaining at the miner after its takeover by Glencore, becoming the first top manager to announce his departure since shareholders sealed the $31 billion (€23 billion) deal.
Former banker Trevor Reid is one of a handful of executives who built Xstrata into a $50 billion diversified mining group over the past decade, and he had been due to stay on as chief financial officer after the merger with Glencore, the world's largest diversified commodities trader.
But his position has been in doubt since Mick Davis, the miner's long-serving chief executive, was replaced at the helm of Glencore-Xstrata by Glencore's current boss, Ivan Glasenberg.
While not unexpected given his close partnership with Mr Davis, Mr Reid's departure could revive the debate over the risk of significant departures from Xstrata after investors voted down a controversial £140 million (€172 million) retention plan for its managers.
Under his two-year retention deal, Mr Reid would have received almost £11 million pounds by 2014.
Mr Reid is expected to be replaced by Glencore's chief financial officer, Australian Steven Kalmin, who had been due to be Mr Reid's deputy, a source familiar with the matter said.
Mr Reid, who will stay on as a consultant for six months to help with the integration, is the third of Xstrata's top three figures to announce his departure.
Chairman John Bond said late last month he would step down, just hours after shareholders ignored his recommendations and twice voted against the pay plan he had supported.
Mr Davis' departure was announced in September, after Glencore's Mr Glasenberg became the nominated chief executive of the combined group following a deal that improved the terms of the takeover. Mr Davis, one of the best-known names in the industry, announced he would leave after the deal was done.