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Tony Hayward Will Leave Glencore by 2022 After One More Term

  • Chairman to stay another year to oversee CEO change, probes
  • Hayward’s exit to be latest change at top of commodities giant
Tony Hayward

Tony Hayward

Photographer: Matthew Lloyd/Bloomberg
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Glencore Plc, the world’s top commodities trader, said Tony Hayward will step down as chairman at the latest by next year’s annual general meeting, after overseeing the appointment of its first new CEO in 20 years.

Hayward’s departure as chairman had been expected, given he’s held a board role for more than nine years, a period longer than recommended under U.K. governance code. Yet the company said Thursday that the board supported him staying another year, to oversee the once-in-a-generation change in leadership at the company, as well as navigate multiple ongoing legal probes.