New job for ex-BP boss Tony Hayward

Former BP boss Tony Hayward has been handed the job of chairman at mining group Glencore Xstrata.

Mr Hayward, who was ousted from the oil giant after the Gulf of Mexico spill, was appointed interim chairman of the enlarged mining and commodities trading group after a shareholder rebellion removed present incumbent Sir John Bond.%VIRTUAL-SkimlinksPromo%
He was ejected from the board by more than 80% of voting shareholders, while three other directors, Ian Strachan, Con Fauconnier and Peter Hooley were also ousted. A fifth director, Sir Steve Robson, resigned earlier in the day.

The boardroom clean-out removes Xstrata's influence from the top of the company, after its takeover by Glencore earlier this month sealed the biggest mining deal in history. Mr Hayward, already a director of Glencore, was axed from the BP board in July 2010 after fierce criticism of his handling of the vast oil spill.

Mr Hayward had complained at the height of the crisis ''I want my life back'' and also attempted to downplay the impact of the incident by suggesting the Gulf was ''a big ocean''. His days were numbered when US president Barack Obama said he would sack him if he were his boss.

Sir John had already planned to quit Glencore after shareholders revolted over a controversial £140 million pay deal to retain key Xstrata staff, but the vote brought forward his exit.

Sir John said: "I recognise and respect the strong opposition among many to the retention arrangements which the board felt appropriate to ensure management stability."

Glencore has started the search for new board members after voting at its annual meeting in Switzerland left it with just four directors.

The Glencore Xstrata deal brought together Glencore's commodities trading expertise and Xstrata's mining clout to form a group which hopes to compete better against the might of miners BHP Billiton and Rio Tinto.

The takeover created a group with more than 190,000 staff and over 150 mines and production sites in more than 50 countries, headed by Glencore boss Ivan Glasenberg and headquartered in Switzerland.

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New job for ex-BP boss Tony Hayward

They might think they're masters of the universe. We know they've dobbed the rest of us in it. After lending out recklessly, they are blamed for causing the financial crisis. Even after they had to be bailed out by taxpayers, they still give themselves obscene bonuses.

Have the power to enter your home and seize your possessions. Debt collectors are a form of bailiff-lite. They can 'only' write, phone or visit your home to talk about the debt. Don't bother bringing out the best china.

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Yes, there are honourable exceptions. There are also reasons why these guys have the reputation they do.

Not as venal as some on the list. But some of these guys would persuade their granny to sell for £50,000 less than her home is really worth. Just so they can get a deal done and take their commission. It's always one story with them when you're selling. Another when you're buying.

Not independent, despite what they claim. Until big changes in the law come into effect in the next couple of years, they are paid on commission. So it's in their interest to stuff clients into whichever products pay them the most - it doesn't matter whether the product is any good or not.

These guys will charge you for yawning. But there's no fighting them. They set up the system and know best how to work it.  The ultimate parasites? But then, they earn so much money what do they care what other people think?

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