- Push-out Score determined
- After almost 19 years in the position
- Praise for Glasenberg
- Gary Nagle taking over
- Glasenberg spoke at length and said 137 words
(exechange) — Baar, Switzerland, December 4, 2020 — Ivan Glasenberg, chief executive of Glencore, leaves. As announced by Glencore Plc in a news release on Friday, December 4, 2020, Ivan Glasenberg leaves his post as chief executive officer of the Anglo-Swiss multinational commodity trading and mining company after almost 19 years in the role, effective during the first half of 2021.
It is the end of an era.
Ivan Glasenberg’s duties as CEO will be taken over by Gary Nagle, currently Global Head of the coal industrial business of Glencore Plc.
“Seamless transition”
Ivan Glasenberg’s departure from the CEO post is explained as follows. Tony Hayward, Chairman, 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.”
Precise information regarding Ivan Glasenberg’s future plans was not immediately available.
“Retire”
Glencore said: “Ivan Glasenberg will retire as CEO and as a member of the Glencore Board during the first half of 2021.”
Share price decline since December 2017
The announcement follows a decline in Glencore Plc’s share price of 32% since December 2017.
Chaired by Tony Hayward
Tony Hayward serves as Glencore Plc’s Non-executive Chairman.
Anthony Hayward has been Independent Non-Executive Chairman from May 2013. Prior to being appointed Chairman he was the Senior Independent Non-Executive Director.
In the position of CEO since 2002
Ivan Glasenberg became CEO of the Company in 2002.
Ivan Glasenberg joined Glencore in April 1984 and has been Chief Executive Officer since January 2002.
Glasenberg initially spent three years working in the coal commodity department in South Africa as a marketer, before spending two years in Australia as head of the Asian coal commodity division.
Between 1988 and 1989, he was based in Hong Kong as head of Glencore’s Hong Kong and Beijing offices, as well as head of coal marketing in Asia, where his responsibilities included overseeing the Asian coal marketing business of Glencore and managing the administrative functions of the Hong Kong and Beijing offices.
In January 1990, he was made responsible for the worldwide coal business of Glencore for both marketing and industrial assets, and remained in this role until he became Chief Executive Officer in January 2002.
Glasenberg is a Chartered Accountant of South Africa and holds a Bachelor of Accountancy from the University of Witwatersrand.
Glasenberg also holds an MBA from the University of Southern California.
Before joining Glencore, Glasenberg worked for five years at Levitt Kirson Chartered Accountants in South Africa.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Glencore and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2020 ($).