Glencore chairman Tony Hayward today confirmed that he would step down from the role before next year’s annual general meeting.
The former BP chief executive will remain in the role while the mining giant handles the departure of long-term chief executive Ivan Glasenberg.
Back in December the FTSE blue-chip said that Glasenberg would step down after almost two decades at the top of the firm.
His successor will be Gary Nagle, Glencore’s current head of coal assets.
Today’s annual report revealed that Nagle will start on a base salary of $1.8m. In total Nagle’s annual remuneration could reach as high as $10.4m.
Hayward left BP in 2010 after the Deepwater Horizon oil spill, and joined Glencore three years later.
His nine-year term is in line with UK corporate governance codes.
It marks something of a changing of the guard at the mining and trading group, which has faced investor pressure to cut carbon emissions.
Last month the firm said that it would reinstate its dividend after an improved performance in the second half of last year.