Change of Glencore Xstrata plc Senior ManagementM2 Communications
ENP Newswire - 10 December 2012
Release date- 06122012 - Xstrata plc announces that Chief Financial Officer Trevor Reid has decided not to take up the position of Chief Financial Officer of Glencore Xstrata plc upon completion of the merger with Glencore International plc.
Mr Reid has agreed to act as consultant to the Combined Group for a period of up to six months following completion of the merger in order to support the integration of Xstrata's and Glencore's finance functions.
Trevor Reid was appointed as Chief Financial Officer of Xstrata in late 2001, joining Mick Davis, Xstrata plc CEO, to transform the company from a $500 million ferrochrome and zinc business with significant debt and limited growth options into a globally diversified mining company with a market capitalisation of $50 billion.
During Mr Reid's tenure, Xstrata has raised over $17 billion from the global capital markets, completed $35 billion of acquisitions in 40 separate transactions, delivered a total of $2.2 billion of real cost savings and successfully developed more than 20 major expansions and new mining operations.
Xstrata plc Chief Executive Officer Mick Davis said: 'Eleven years ago, I persuaded Trevor to leave a successful banking career to embark upon the transformation of a struggling company in a precarious financial position with limited options. Xstrata's evolution into one of the world's leading mining companies has exceeded even our initial ambitions and is a testament to Trevor's skills and contribution as an executive director and CFO.
'Trevor's decision to step down following completion of the merger with Glencore marks the end of an extraordinarily successful decade as CFO. Xstrata's growth has been facilitated by a well-managed balance sheet, consistent capital discipline and the financial flexibility which has enabled us to take advantage of opportunities as they arose. I am delighted that Trevor will continue to work with Glencore Xstrata to assist with integration following completion.'
Trevor Reid commented: 'I am very proud to have been part of Xstrata's exceptional journey. I am privileged to have worked with immensely talented managers across the Group. Xstrata's people and entrepreneurial corporate culture have made my time as CFO very satisfying and enjoyable. The next phase of Xstrata's evolution is now well underway and following shareholder approval for the merger with Glencore, I have decided to step down on completion of the transaction.'
Completion of the Merger remains conditional upon the receipt of the outstanding regulatory approvals in China and South Africa and the completion of the Court process, as further set out in the circular published by Xstrata on 25 October 2012.
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About Xstrata plc
We are a major producer of a range of vital commodities used in everything from constructing buildings and delivering electricity, to developing jet engines and mobile phones. We are one of the top five global producers of copper, thermal and metallurgical coal, ferrochrome, zinc and nickel and we also produce silver, lead, platinum, gold, cobalt and vanadium.
Founded in 2002 and headquartered in Switzerland, we operate in over 20 countries and employ over 70,000 people at more than 100 operations and projects around the world. We work in a responsible and sustainable way, with an entrepreneurial spirit and dynamic approach. For more information, visit www.xstrata.com.
Trevor Reid additional biographical information
Prior to joining Xstrata, Trevor was Global Head of Resource Banking at the Standard Bank Group. He joined the Standard Bank Group in 1997 from Warrior International Limited, a corporate finance boutique specialising in the minerals sector. As Head of the Division, Trevor was responsible for all natural resources trading, lending and advisory activities of the Group.
Prior to joining Warrior, Trevor spent five years at Gencor Limited. He was based in London, and was charged with expanding the South African based mining activities of the Gencor Group into the international arena. The final two years with Gencor were spent coordinating and financing the $1.2 billion acquisition of the Billiton mining assets from the Royal Dutch Shell Group. These assets eventually formed the core of the Gencor/Billiton merger and subsequent IPO on the London Stock Exchange.
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