JOHN Mack, the former Morgan Stanley boss whose cost-cutting prowess earned him the nickname Mack the Knife, is one of three new appointments to Glencore Xstrata’s board, as the miner-trader focuses on drastically reducing costs following its recent merger.
Mack, who gained his reputation for making swathes of job cuts at the Wall Street bank, has been appointed as a non-executive director, as has Peter Grauer, chairman of Bloomberg.
Peter Coates, previously head of Xstrata’s coal business, has been appointed as an executive director.
“The appointment of Mack the Knife should be welcomed by shareholders who have seen shares lose more than 10 per cent recently,” Ronnie Chopra, head of strategy at Tradenext, told City A.M.
“Similar cost cutting measures which the former Morgan Stanley boss implemented would boost profitability and give hope to suffering shareholders.”