Ivan Glasenberg, the CEO of Glencore International.
Sergei BobylevTASS via Getty Images
Glencore CEO Ivan Glasenberg will retire from one of the world’s biggest coal producers in the first half of 2021, after a 36 year stint at the mining company.
On Friday, Glencore announced that the South African Glasenberg will be succeeded Gary Nagle who is the current head of the miner’s coal division. Nagle will move from Australia next year to Switzerland to join Glasenberg, as part of his transition into the role.
Glencore chairperson, Tony Hayward lauded Glasenberg, who has been CEO since 2002 for his efforts in growing the mining company.
“What he has achieved is unique, his vision created two of the world’s largest mining companies – Glencore and Xstrata,” said Hayward in a statement.
With regards to Nagle’s appointment, Hayward said the board had been working with Glasenberg over the past two years, on the company’s succession plan.
“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,” added Hayward.
He explained that Nagle had been on the board’s “radar” for a number of years.
“We are confident he has the right skillset and qualities to lead the Glencore of tomorrow,” Hayward said.
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