Glencore CEO Evan Gleisenberg will retire after 18 years at Helm

Evan Glensenberg, the longtime chief executive of London G Glencore PLC, is handing over the reins of the global mining and trading giant he created, saying on Friday that he would retire early next year.

The Switzerland-based London-listed company said it currently supports senior deputy Gary Nagle, who currently runs the company’s coal industrial property, and is his successor.

Mr. Gleisenberg, a 63-year-old South African, joined Glencore in 1984 and has been CEO since 2002. He orchestrated the company’s stock-market flotation in 2011 and immediately merged it into Minor Extrata, transforming it into a privately owned property. Trade in a publicly listed mining and trading giant.

Two years ago, he began setting a timeline for when he could stand, and recently said that he and his senior leadership team were approaching the time to separate for the next pay generation of managers.

Mr Nagle, currently based in Australia, plans to move to Switzerland in the new year to work on the transition to a new leadership, Glencore said. He was widely seen as one of the front runners to make Mr. Glasenberg successful.