Glencore CEO Ivan Glasenberg to Retire in 2021 -- 2nd 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.
"The old guys will be leaving," Mr. Glasenberg said on a
conference call last December. "I don't want to be an old guy
running this company -- and soon as those guys are ready to take
over, I will move aside."
Mr. Nagle was widely seen as one of the front-runners to succeed
Mr. Glasenberg. He will work alongside Mr. Glasenberg during a
transition period starting in the new year.
Mr. Nagle joined Glencore in 2000 and, like Mr. Glasenberg, has
worked his way through the company's coal business. From 2008 to
2013, he was chief executive of Prodeco, Glencore's coal operation
in Colombia, before moving to South Africa to head up its alloys
assets until 2018.
"It's time to hand over to the new generation and a younger
leader," Mr. Glasenberg told investors on a call Friday, adding
that he would retain his major shareholding in Glencore. "Gary can
take this company forward in the future," he said of 45-year-old
Mr. Nagle. "I'm happy to have him being the custodian of my
shareholding in the company."
Write to Joe Wallace at Joe.Wallace@wsj.com
(END) Dow Jones Newswires
December 04, 2020 10:36 ET (15:36 GMT)
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