Glencore CEO Ivan Glasenberg to Retire in 2021 -- Update
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.
Write to Joe Wallace at Joe.Wallace@wsj.com
(END) Dow Jones Newswires
December 04, 2020 09:54 ET (14:54 GMT)
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