The mega-merger of Xstrata and Glencore has claimed a senior management scalp as the man slated to be Chief Financial Officer of the new group stepped aside.
Xstrata said its CFO, Trevor Reid, had decided not to take up the equivalent position at Glencore Xstrata when the $31bn merger with Glencore International.
The company gave no reason for Reid’s departure but said he would act as consultant to the combined group for a period of up to six months following completion of the merger.
This would allow him to to support the integration of Xstrata’s and Glencore’s finance functions, Xstrata said.
Reid joined Xstrata in 2001 and helped transform the company from a $500m ferrochrome and zinc business with significant debt, into a globally diversified mining company worth almost 100 times that amount.
During his tenure, Xstrata raised over $17bn from the global capital markets and completed $35bn of acquisitions in 40 separate transactions.
The European Commission recently cleared the merger between commodities giant Glencore and mining behemoth Xstrata, baed on certain conditions.
The two companies still require regulatory approvals in both China and South Africa.