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LONDON – Ivan Glasenberg, the long-time CEO of Glencore PLC, is relinquishing the reins of the global mining and trading giant he built, saying on Friday he would retire in the first half of next year.
The London-listed, Switzerland-based company said it had brought in Gary Nagle, a senior deputy who currently runs the company’s coal industrial assets, as its successor.
Mr. Glasenberg, a 63-year-old South African, joined Glencore in 1984 and has been CEO since 2002. He orchestrated the company’s IPO in 2011 and soon after merged it with miner Xstrata, transforming it from a private commodity. trading firm in a listed mining and trading giant.
Two years ago, he started setting a timeline for when he could step down, and more recently said it was almost time for him and his leadership team to step down 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 management, Glencore said. He was widely regarded as one of the pioneers to succeed Mr. Glasenberg.
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