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Martin Gilbert, the head of fund management group Aberdeen Asset Management, is joining the board of Glencore as an independent non-executive director.

His is replacing William Macaulay, the chairman of private equity group First Reserve, who left the board of the miner and commodity trader last month.

Commenting on Mr Gilbert’s appointment, Glencore chairman Tony Hayward said:

On behalf of the Board I am delighted to announce the appointment of Martin Gilbert. Martin is one of the leading entrepreneurs of asset management and also has a long track record as a FTSE non-executive Director. We are delighted that Martin has agreed to join us and look forward to benefitting from his experience and insights.

Earlier this week, Glencore increased earnings guidance for its powerful marketing arm by $100m and retained its forecasts for its mining unit.

Like other miners, shares in Glencore have fallen in the past couple of months amid concerns about slowing demand for commodities in China, where regulators are tightening the availability of credit. The company’s shares are down almost 9 per cent since the start of February.

Mr Gilbert’s appointment comes as Aberdeen prepares to merge with Standard Life. Mr Gilbert is set to become co-chief executive of the combined company.

Photo: Bloomberg

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