RNS Number : 6455H
04 December 2020
4 December, 2020
Glencore CEO Ivan Glasenberg to retire,
to be succeeded by Gary Nagle
Glencore plc announces that Ivan Glasenberg will retire as CEO
and as a member of the Glencore Board during the first half of
2021. Gary Nagle will then become the Glencore CEO and join the
Board. Mr Nagle intends to relocate from Australia to Switzerland
early next year and will work with Mr Glasenberg to effect the
Commenting on the succession process, Tony Hayward, Chairman
"The Board has worked with Ivan over the past two years to
oversee a seamless transition to the next generation of leadership
across Glencore's business. The fact that each department has
promoted from within the Group is a credit to the work done to
ensure there is strength in depth. Gary Nagle has held senior roles
in coal and ferroalloys in Colombia, South Africa and Australia. He
has been on the Board's radar for more than several years and was
selected following a succession process overseen by the Board. We
are confident that he has the right skill set and qualities to lead
the Glencore of tomorrow."
Commenting on Mr Glasenberg, Tony Hayward, Chairman said:
"I have known Ivan for over 15 years, working closely with him
as a Director for the last nine years. What he has achieved is
unique. His vision created two of the world's largest mining
companies - Glencore and Xstrata.
"With the support of his partners, Ivan understood the
importance of creating a long-term asset base to underpin
Glencore's leading marketing franchise. The IPO in 2011 provided
the catalyst to re-unite Glencore with Xstrata, the mining business
that Glencore had founded and financed.
"Each step in the evolution of the business has been informed by
the needs of the customer and reflected the changing dynamics of
the global environment and commodity markets. Underpinning all this
is Ivan's simple mantra of value over volume.
"His work ethic and dedication to the company and its employees
has inspired a loyalty that is rare in business.
"As Ivan hands over to Gary, he does so at a time of huge
change. As the world moves to recover from the impacts of the
COVID-19 pandemic, while also addressing the challenge of climate
change, our industry has a significant opportunity to contribute to
the economic recovery by providing commodities essential to the
transition to a low-carbon economy.
"Glencore and its portfolio of future facing commodities is
uniquely positioned to meet the needs of today and the demands of
tomorrow. The benchmark by which any great CEO can be judged is
whether he or she leaves the business in a better position than
when they started. Not only has Ivan achieved this with Glencore,
but his vision and drive have left a lasting impact on the industry
as a whole."
Ivan Glasenberg said:
"I am proud of the great company that we have built. Together,
we have created one of the world's largest diversified miners and
marketers of commodities. Today, our diversified portfolio uniquely
positions us to play an essential role in the global transition to
a low-carbon economy. I have worked with Gary since he joined the
company twenty years ago. I have always regarded it as a critical
part of my job to develop the next generation of leadership at
Glencore and I am proud of the strong leadership team that we
developed from which we were able to select Gary. I am confident
that his leadership, along with the support of the management team,
will enable Glencore to take advantage of the opportunities that
lie ahead and be a strong custodian for my shareholding in the
Gary Nagle said:
"I am grateful for the trust placed in me by the Board and
honoured to be appointed CEO at such an exciting time for Glencore.
We will continue to deliver value to our shareholders, while
operating safely and responsibly."
Since the Company's IPO in 2011, Mr Glasenberg has waived all
entitlement to variable remuneration. He will receive his base
salary and pension contributions to the date of his retirement. No
severance payment or payment in lieu of notice will be made.
UK Listing Rule 9.6.13
There are no matters to be disclosed in accordance with UK
Listing Rule 9.6.13 in respect of Mr Nagle.
Gary Nagle outline biography
Gary Nagle, 45, is currently Global Head of Glencore's coal
industrial business based in Sydney, Australia.
Gary joined Glencore in 2000 in Switzerland as part of the Coal
business development team. He was heavily involved in seeding a
portfolio of assets to Xstrata in 2002, in conjunction with its
initial listing on the London Stock Exchange. Gary then worked for
five years (2008-2013) in Colombia as CEO of Prodeco, Glencore's
Colombian coal operation. He then moved to South Africa to take on
the role of Head of Glencore's Alloys Assets (2013-2018).
Gary has commerce and accounting degrees from the University of
the Witwatersrand, and qualified as a Chartered Accountant in South
Africa in 1999. He also served on the Board of Lonmin plc from 2013
- 2015 and has represented Glencore on the Minerals Councils of
Australia and Colombia.
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Glencore LEI: 2138002658CPO9NBH955
This announcement contains inside information.
Notes for Editors
Glencore is one of the world's largest global diversified
natural resource companies and a major producer and marketer of
more than 60 responsibly-sourced commodities that advance everyday
life. The Group's operations comprise around 150 mining and
metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established
and emerging regions for natural resources, Glencore's industrial
activities are supported by a global network of more than 30
Glencore's customers are industrial consumers, such as those in
the automotive, steel, power generation, battery manufacturing and
oil sectors. We also provide financing, logistics and other
services to producers and consumers of commodities. Glencore's
companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on
Security and Human Rights and the International Council on Mining
and Metals. We are an active participant in the Extractive
Industries Transparency Initiative.
The companies in which Glencore plc directly and indirectly has
an interest are separate and distinct legal entities. In this
document, "Glencore", "Glencore group" and "Group" are used for
convenience only where references are made to Glencore plc and its
subsidiaries in general. These collective expressions are used for
ease of reference only and do not imply any other relationship
between the companies. Likewise, the words "we", "us" and "our" are
also used to refer collectively to members of the Group or to those
who work for them. These expressions are also used where no useful
purpose is served by identifying the particular company or
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(END) Dow Jones Newswires
December 04, 2020 09:01 ET (14:01 GMT)