CITY grandee Sir John Bond stepped down yesterday as chairman of Xstrata, as shareholders backed the £56bn mega-merger with Glencore but snubbed controversial remuneration plans for senior executives.
The retention bonus snub prompted Bond – who was set to become chairman of the enlarged group and backed the pay proposals as “fundamental” to its future success – to announce he would depart Xstrata once a suitable replacement was found.
Seventy-one-year-old Bond, who has enjoyed a 50-year career spanning the UK and Asia, has been chairman of the miner since March 2011.
Bond is a former chairman and chief executive of HSBC Holdings, and spent 45 years at the bank.
The departing Xstrata chairman also served as chairman and non-executive director of telecoms giant Vodafone until his appointment to the Xstrata board.
Advisory roles that Bond holds include with Northern Trust and KKR Asia.