The billionaire manager of Glencore is to move down from the commodity investing company following calendar year, in a shift absent from the management workforce that crystallised colossal fortunes in the course of the company’s 2011 flotation.
Ivan Glasenberg, 63, who has been main govt for 18 a long time, is to be changed following calendar year by Gary Nagle, the 45-calendar year-aged head of the firm’s coal assets, marking a shift to a more youthful generation of executives at the small business.
The departing manager burst on to the City’s radar 9 a long time in the past as his company’s flotation revealed his paper fortune of nearly £6bn – a determine so big that his 3,600 neighbours in the Swiss village of Rüschlikon received a tax reduce.
Glasenberg’s near lieutenants, Daniel Maté, Telis Mistakidis, Tor Peterson and Alex Beard, all owned stakes really worth about £2bn at that time – but, aside from Glasenberg, only Peterson continues to be on Glencore’s govt management workforce and buyers have long been expecting a succession prepare.
Glencore was founded in 1974 by the controversial metals trader Marc Wealthy but, in 1983, he was indicted on charges explained by the then US attorney for New York, Rudolph Giuliani, as “the greatest tax evasion situation in United States history”.
Wealthy was also charged with getting thousands and thousands of barrels of oil from Iran in the course of the 1979-81 hostage crisis, flouting a ban on “trading with the enemy”. He fled to Switzerland and remained on the FBI’s most-wished checklist until he was controversially pardoned by Monthly bill Clinton in the closing several hours of his presidency in 2001.
By then, Wealthy experienced long misplaced handle of the organization next a management buyout in 1993 that incorporated Glasenberg.
Glencore’s chairman, Tony Hayward, stated: “The board has worked with Ivan above the earlier two a long time to oversee a seamless transition to the following generation of management across Glencore’s small business.”
Nagle, a 45-calendar year-aged South African, normally takes above a organization going through pressure from buyers to reduce carbon emissions. “We have decided that above the following 6 months I will be working carefully with Gary Nagle who will be taking above from me,” Glasenberg stated. “Gary started out with me in the coal division 21 a long time in the past.”
Glasenberg is very likely to be remembered in the Town for presiding above a organization whose share selling price stubbornly refused to rise above its float selling price, which massively afflicted his paper fortune.
Glencore has also captivated the interest of the UK’s Really serious Fraud Workplace, which released an investigation into suspicions of bribery at the mining and commodity investing group a calendar year in the past. Glencore stated at the time it would cooperate with the investigation.