WILLY Strothotte, the chairman of Glencore and FTSE 100-listed miner Xstrata, is due to leave his post at Xstrata in the coming year as part of a board-room changeover.
Strothotte has been at the helm of Xstrata since it floated in London in 2002, and several other non-executive directors have been on the board for eight to nine years.
The company has started to look for replacements for Strothotte and several other directors, ahead of a possible Glencore flotation next year. Glencore, which owns a 34 per cent stake in Xstrata, shares several board members including Strothotte and Glencore chief executive Ivan Glasenberg, who is a non-executive on the Xstrata board.
A source close to the firm told City A.M. that the changes are “part of a general look at whether the board needs refreshing.”
Xstrata declined to comment.