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Anonymous ID: 00aa8a Dec. 3, 2019, 10:56 a.m. No.7419874   🗄️.is 🔗kun   >>0123 >>0384 >>0438

Glencore CEO Hints He May Leave Sooner Than Expected

 

More of the company’s ‘old guard’ will leave next year. Shares slump most since August as no new buyback announced.

 

Glencore Plc Chief Executive Officer Ivan Glasenberg told investors to prepare for more leadership changes, hinting that his own departure may come sooner than previously anticipated.

 

“There are not many of us old guys left,” said Glasenberg, 62, referring to himself and his peers as the “third generation” of leadership of the company. He said that the retirement of the remaining managers of his era should happen during 2020.

 

While he said there was no exact timing planned for his own departure, Glasenberg indicated that it could come more rapidly than he’s previously suggested. “It could happen soon,” he said.

 

RBC Capital Markets analyst Tyler Broda said the comments indicate that he may step down in 12 to 18 months. Last year, Glasenberg said he would leave in three to five years.The passage of the baton at Glencore is a significant moment for the commodities industry. The firm is the world’s largest commodity trader, dominating transactions in most industrial metals, including copper, zinc and aluminum. The CEO of the Swiss-based, London-listed company has had an outsized role in shaping the world of commodity trading since Glencore was founded by Marc Rich in 1974. But for more than a year, Glencore has worked under a cloud as the U.S. Department of Justice probes possible corruption and money-laundering at its mining operations. Profits are sliding and 40% of the company’s market value has been erased since the start of 2018. Glencore has only changed leaders twice in its 45-year history. In 1994, Rich was pushed out after a failed attempt to corner the zinc market, and Glasenberg took over from Willy Strothotte in 2002. Many of Glencore’s most senior executives have left the company in the past 12 months, including former head of copper trading Telis Mistakidis, head of oil Alex Beard, and head of agriculture Chris Mahoney. Among those that remain are Tor Peterson, head of coal trading, and Daniel Mate, head of lead and zinc trading.

https://www.bloomberg.com//news/articles/2019-12-03/glencore-ceo-glasenberg-hints-he-may-leave-sooner-than-expected

 

from 2017

Glencore redirected over $75 million in mining payments to scandal-hit friend of Congolese President, Global Witness reveals

https://www.globalwitness.org/en/press-releases/glencore-redirected-over-75-million-mining-payments-scandal-hit-friend-president-global-witness-reveals/

 

The three men likely to take over Glencore when Glasenberg goes

https://www.businesslive.co.za/bd/companies/mining/2019-10-29-the-three-men-likely-to-take-over-glencore-when-glasenberg-goes/