Glencore names former Hutchison chief Murray as chairman

14th April 2011, Comments 0 comments

Commodities giant Glencore announced Thursday that it has appointed former Hutchison Whampoa managing director Simon Murray as its new chairman.

Currently chairman of General Enterprise Management Services International Limited (GEMS), Murray will take over at helm of Glencore from Willy Strothotte.

Murray has extensive experience in Asia and holds directorships in several companies, including Wing Tai Properties, Cheung Kong Holdings and Sino Forest Corporation.

He was group managing director of Hong Kong billionaire Li Ka-shing's Hutchison Whampoa from 1984 to 1993 and executive chairman of Deutsche Bank in Asia between 1994 and 1998.

Expressing delight at Murray's decision to join Glencore, chief executive Ivan Glasenberg said: "I look forward to working with him as we develop as a public company.

"With his significant experience in, and insight into global business, Simon will be an invaluable addition to our board," he added in a statement.

Murray's appointment came just hours after Glencore announced the world's biggest initial public offering so far this year, with a stockmarket listing in London and Hong Kong set to raise up to $11 billion.

"The global offer is expected to represent between 15 and 20 percent of the company's post-IPO issued share capital," the Baar-based group said in a statement.

The offer, which should raise between $9 billion and $11 billion (6.2-7.6 billion euros) and be completed in May, values the world's biggest commodities trader by revenues at up to $60 billion.

© 2011 AFP

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