Chase tipped for Glencore

CORE

CORE is narrowing down its prospective list of candidates for a chairman to replace Willy Stothotte as it prepares for an initial public offering (IPO), with outgoing Petrofac chairman Rodney Chase seen as the favourite to head the commodities trader.

Glencore is getting ready for an IPO that could be worth as much as $60bn (£37bn), although as City A.M. has revealed, a significant proportion of the shares could be issued by the Hong Kong stock exchange instead of being listed solely in London.

Under the terms of the UK sharelisting law, however, Glencore must appoint an independent chairman before it can float here.

Its current chair, Stothotte, does not qualify because he was formerly chief executive of the company.

The Swiss commodities giant is understood to be in the process of short-listing candidates for a replacement alongside a general overhaul of its board.

Former BP chairman Tony Hayward has been touted as a possible directorship appointment.

Glencore declined to comment yesterday on some of the names being touted in the media and sources said that the decision to make a top level appointment was some way off.