Anthony Hayward, the Chairman of Glencore will step down before next year’s annual general meeting, he said in the company’s annual report.

Board had recommended to shareholders that Hayward remains in the role while the senior management succession is concluded.

He was appointed as Chairman in 2013 and the UK corporate governance code limits his tenure to nine years.

In December, Glencore said its boss Ivan Glasenberg would step down this year and Gary Nagle, head of coal assets at the mining and trading group, would take up the role.

Glencore plc is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland.