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Ivan Glasenberg to retire after 36 years with Glencore

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Ivan Glasenberg, CEO. Image credit: Glencore.

(Kitco News) - Glencore announced today that Ivan Glasenberg will retire as CEO and as a member of the Glencore Board during the first half of 2021.

Gary Nagle will then become the Glencore CEO and join the Board. Mr. Nagle intends to relocate from Australia to Switzerland early next year and will work with Mr. Glasenberg to effect the transition.

Commenting on the succession process, Chairman Tony Hayward said: “The Board has worked with Ivan over the past two years to oversee a seamless transition to the next generation of leadership across Glencore’s business. The fact that each department has promoted from within the Group is a credit to the work done to ensure there is strength in depth. Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia. He has been on the Board’s radar for more than several years and was selected following a succession process overseen by the Board. We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.”

Commenting on Mr. Glasenberg, Mr. Hayward said: “I have known Ivan for over 15 years, working closely with him as a Director for the last nine years. What he has achieved is unique. His vision created two of the world’s largest mining companies – Glencore and Xstrata. With the support of his partners, Ivan understood the importance of creating a long-term asset base to underpin Glencore’s leading marketing franchise. The IPO in 2011 provided the catalyst to re-unite Glencore with Xstrata, the mining business that Glencore had founded and financed.”

Ivan Glasenberg joined Glencore in April 1984 and has been Chief Executive Officer since January 2002.

Gary Nagle, 45, is currently Global Head of Glencore’s coal industrial business based in Sydney, Australia.

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The group's operations comprise around 150 mining and metallurgical sites and oil production assets.

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