On the rewarding of failure

Business news is a tedious thing generally only of interest to people who own shares (for whom it is presumably as important as coverage of horse racing is for ordinary gamblers), but occasionally very important things are hidden away deep in the morass of corporate gossip. Glencore Xstrata is always a name to look for. It is a commodities and mining conglomerate and one of the largest and most powerful companies on the planet. It has a finger in every pie quite probably a pie in every finger. If you’ve never heard of it, that’s because it likes to keep a low profile and so only ever makes the news in the aforementioned business sections of utter tedium.

Anyway, Glencore Xstrata has announced the appointment of a new chairman. Who is this new corporate titan, you ask? Its interim chairman, naturally. Well, that’s often the way these things go in the world of business. But who, you ask, is this once interim now permanent chairman of this massive and massively influential behemoth? Tony Hayward, formerly the CEO of BP. You may remember the name from an embarrassing little incident in the Gulf of Mexico a few years ago.

Feel free to draw your own conclusions.

One comment

  1. An embarrassing little incident that he had absolutely nothing to do with and was in no way liable for. He carried the can on the basis of vicarious liability to alleviate some of the pressure BP was being put under. It was caused wholly by one of BP’s contractors and BP were only treated as being culpable because it was a British not American company.

    Heaping the liability onto BP made it vulnerable to take over by Exxon Mobil, an American company. Fortunately BP had the strength to stave off the threat. As a BP shareholder I am rather glad it did

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