Glencore CEO Glasenberg to step down next year

Glasenberg joined the company (then known as Mark Rich & Co) in 1984 and became CEO in 2002. © Keystone / Alexandra Wey

Ivan Glasenberg, CEO of the world’s largest commodities trader Glencore, has announced his retirement next year. He will be replaced by South African Gary Nagle, who currently heads the Swiss-based company’s coal business.

This content was published on December 4, 2020 - 17:02

Glasenberg will end a 37-year association with Glencore in the first half of 2021, the trading and mining giant announced on Friday. He has been CEO of the group since 2002, during which time he led it through a public listing and buyout of Xstrata.

He has been credited with successfully expanding and growing the company by diversifying its business lines with a series of partnerships and audacious takeover deals.

“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,” said chairman Tony Hayward in a statement.External link

Under Glasenberg’s stewardship, Glencore has also been dragged through a number of controversies. The company is continuously accused by NGOs of damaging the environment and of ignoring the health and safety of its workers and areas in which it extracts minerals.

Swiss-based Glencore is also under investigation in the United States, Switzerland, Britain and Brazil for a range of alleged corruption offences.

This week Glencore vowed to improve on its environmental record as it plans to cut emissions from all parts of its business by 40% in the next 15 years compared with 2019 levels, before going to ‘net zero’ by 2050.

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