Activist investor calls for removal of Glencore CEO
Swiss commodities group Glencore is facing pressure from activist investor Bluebell Capital Partners. In a letter to Glencore Chairman Kalidas Madhavpeddi it is demanding the removal of CEO Gary Nagle.
In the letter, Bluebell said it was appalled by the amateurish way in which certain initiatives were being pushed forward at the commodities group. The company was threatened with the destruction of shareholder value because of this, it said.
Bluebell is particularly dissatisfied with Glencore’s continued emphasis on coal instead of sustainability. In this respect, it said Nagle had also failed to recognise the declining support for the climate report and had also taken the wrong approach to the targeted takeover of Canadian mining company Teck.
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In addition, the sale of the agricultural joint venture Viterra was carried out under completely unsatisfactory conditions, it added.
“After two years, we have simply lost confidence in Mr Nagle,” the letter concludes. It is time to look for a new CEO externally, Bluebell believed.
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