By Joe Wallace 

LONDON -- Ivan Glasenberg, the longtime chief executive of Glencore PLC, is handing over the reins of the global mining and trading giant he built, saying Friday he would retire in the first half of next year.

Glencore said it had tapped Gary Nagle, a senior deputy who currently runs the company's coal industrial assets.

Mr. Glasenberg, a South African, joined Glencore in 1984 and has been CEO since 2002. He orchestrated the company's stock-market flotation in 2011 and shortly after merged it with miner Xstrata, transforming the company from a privately held commodities trading business to a publicly listed mining and trading giant.

Two years ago, he started to lay out a timeline for when he might stand down, and more recently said repeatedly it was getting close to the time for him and his senior leadership team to step aside for the next generation of managers.

Mr. Nagle, currently based in Australia, plans to move to Switzerland in the new year to work on the transition to new leadership, Glencore said.

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(END) Dow Jones Newswires

December 04, 2020 09:54 ET (14:54 GMT)

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