Chairman Looses Job Over Xstrata-Glencore Deal

Nov. 20, 2012 02:00PM PST

Shareholders in Xstrata prompted the resignation of the miner’s chairman on Tuesday as they approved a $31 billion takeover by Glencore but twice snubbed a controversial pay plan to retain key managers.

Shareholders in Xstrata prompted the resignation of the miner’s chairman on Tuesday as they approved a $31 billion takeover by Glencore but twice snubbed a controversial pay plan to retain key managers.

As quoted in market news:

Right now, there is $20 billion of your money invested in 20 projects and extensions. It is the Xstrata management team that is responsible for making sure these investments are made safely, soundly and profitably.

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