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Glencore announced today that Ivan Glasenberg, 63, will be retiring as CEO and member of the Glencore Board in the first half of 2021. A successor has already been agreed: Gary Nagle (63) will become CEO of Glencore. Nagle plans to move from Australia to Switzerland early next year, according to a press release. Then he wants to work with Glasenberg to make the transition.
At Glencore, the commodity giant, comes the long-awaited change at the top: CEO Ivan Glasenberg relinquishes the job to director of coal mining Gary Nagle. He will step down as CEO and the board of directors in six months, Glasenberg told an online investor conference today.
The coal chief should provide coal
Nagle is currently the head of Glencore’s coal mines in Australia. Previously, he held senior management positions in coal and ferrochrome mining in Colombia and South Africa. Nagle will move to Switzerland in early 2021. “I will be working intensively with Gary in the transition phase for the next six months,” says Glasenberg.
The outgoing CEO had previously announced his departure, but without giving a set schedule. Last December, Glasenberg surprised investors at an investor conference by stating that he planned to step down as CEO. He doesn’t want to be “the old man who runs the company,” says Glasenberg. The company is ready for the change, a “New Generation Top Younger” is ready, the changes should occur in the next 12 to 18 months, he said. In a small circle, she announced that she wanted to leave before age 65.
