If you're not automatically redirected, please click here. The appointment reflects a change in. By then, Rich had long lost control of the company following a management buyout in 1993 that included Glasenberg. [More about him below.] Who is Colin Glasenberg? It appears to be a variation of the _gat cookie which is used to limit the amount of data recorded by Google on high traffic volume websites. The timing of that deal was sweet for Glencore: It was consummated just before the copper market plunged. By AbdEl Hakim, source: https://www.swissinfo.ch/eng/bloomberg. We also provide financing, logistics and other services to producers and consumers of commodities. an Account, Activate
Compare Standard and Premium Digital here. Zippia gives an in-depth look into the details of Glencore, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Glencore. 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. Then again, it was unthinkable that we would be without electricity as much as we are. We dont have a paywall because we believe that everyone, regardless of their financial status, should be able to access the news. LONDONIvan Glasenberg, the longtime chief executive of Glencore PLC, is handing over the reins of the global mining and trading giant he built, saying Friday he would retire in the first half . Latest Sustainability reports. Glasenberg graduated with a Bachelor of Commerce and a Bachelor of Accountancy from the University of the Witwatersrand, South Africa. 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We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Expert insights, analysis and smart data help you cut through the noise to spot trends, (business & personal). but we are not going to force you to. The data collected is used for analysis. It works only in coordination with the primary cookie. Over 10 million users come to us each month for the news. This is used to present users with ads that are relevant to them according to the user profile. The purpose of the cookie is currently not identified. 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This button displays the currently selected search type. Forbes Business Energy Editors' Pick Bribery Scandal To Cost Glencore $1.1 Billion, While Billionaire Execs Avoid BlameFor Now Christopher Helman Forbes Staff May 26, 2022,11:44am EDT Share. The cookie stores a unique ID to identify a returning user for the purpose of targeted advertising. Nearly there! The main business activity of this cookie is targeting and advertising. Glencore is 39% female and 61% male company-wide. This cookies is set by Youtube and is used to track the views of embedded videos. Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. 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 byMarc Richin 1974. He hasnt been accused of wrongdoing. [1] Ivan married Elana Beverley Orelowitz in 1984. Glasenberg has or had citizenship of South Africa and Australia. Glasenberg kept the door open for a possible future spin-off of the company's coal assets under the next CEO. Glasenberg's departure will mark a shift to a new, younger leadership for the business, which, along with other mining companies, has faced increasing . Colin Glasenberg Glencore Oil CFO (E&P Assets) Glencore PLC | LinkedIn. [8] Glencore is the corporate successor to Marc Rich & Co AG. Alex Sanna oversees Glencores oil trading business. In the Glencore mold, hes a sports enthusiast who captained his school soccer team and regularly leads morning or lunchtime runs. Glencore is one of the worlds largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. Glencore has 158,000 employees, of which 23 are in a leadership position. View Colin Glasenberg's profile on LinkedIn, the world's largest professional community. Glencore shares slide as it scraps 2bn dividend and posts first-half loss, Glencore's $1.5bn coalmine a step closer after Queensland grants special status, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. Colleagues say hes calmer and a less dominating personality than his predecessor and fellow Greek national, Telis Mistakidis. Executive Summary. Glencore has 158,000 employees, of which 23 are in a leadership position. Glencore combines the strength of our unique marketing capability with the insight and supply of our own diversified portfolio of production and logistics assets. Thecompany did acknowledge,however, that it failed to maintain adequate internal controls from Jan. 1, 2012 until March 31, 2017, a period that overlapped slightly with Paraskevass tenure. We believe that the majority of our readers are honest. The Baar, Switzerland-based company began trading in London in 2011 and acquired . If you continue to use this site we will assume that you are happy with it. He is also on the board of mining company Minara Resources Ltd. A British subsidiary of the mining firm Glencore has pleaded guilty in a UK court to corruption offences for the second time in the last two months. Ivess time at Glencore hasnt been without missteps. This cookie tracks the advertisement report which helps us to improve the marketing activity. Simon Goodley. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Glencore and its portfolio of future facing commodities is uniquely positioned to meet the needs of today and the demands of tomorrow. The company is also under pressure from legal challenges, as it faces corruption and bribery investigations in the U.S., Brazil and U.K. Ivan Glasenberg, Glencores second-biggest shareholder with a 9.1% stake, has hinted that he may step down in the next year. Commenting on the succession process, 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 Glencores business. [6] He was named CEO in 2002. (Bloomberg) -- Want the lowdown on European markets? [18] He is married with two children, and a resident of the village of Rschlikon in Switzerland. Based on these numbers Glencore will yield 9.9%, making it one of the highest-yielding stocks in the FTSE 100. To optimize ad relevance by collecting visitor data from multiple websites such as what pages have been loaded. These cookies will be stored in your browser only with your consent. For cost savings, you can change your plan at any time online in the Settings & Account section. "I hope will be better than me - I still own a large part of the company and intend owning that for the future," he said, adding that Nagle would maintain the company's culture. Severance payments Since the Companys IPO in 2011, Mr Glasenberg has waived all entitlement to variable remuneration. Ivan Glasenberg is to be replaced next year by Gary Nagle, the current head of the Glencores coal assets. Necessary cookies are absolutely essential for the website to function properly. We use cookies to ensure that we give you the best experience on our website. The appointment reflects a change in. Daily Maverick is free to read. It is used integrate the sharing features of this social media. I am confident that his leadership, along with the support of the management team, will enable Glencore to take advantage of the opportunities that lie ahead and be a strong custodian for my shareholding in the company., I am grateful for the trust placed in me by the Board and honoured to be appointed CEO at such an exciting time for Glencore. Its fine under the Foreign Corrupt Practices Act will amount to $430 million, with forfeiture of $270 million of ill-gotten gains. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. The cookie is set by Krux Digital under the domain krxd.net. This cookie tracks anonymous information on how visitors use the website. 1. A Greek citizen who spent much of his career in Africa, Paraskevas is, like Glasenberg, a chartered accountant and a graduate of the University of Witwatersrand. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Key Points. Ivan Glasenberg (born 7 January 1957) is a South African business executive and former chief executive officer of Glencore, one of the world's largest commodity trading and mining companies. Sign up here. Glasenberg, a towering and unyielding figure who has run Glencore for close to 20 years, is preparing to step down and has methodically groomed each of his potential successors. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Simply log into Settings & Account and select "Cancel" on the right-hand side. This cookie is a browser ID cookie set by Linked share Buttons and ad tags. The benchmark by which any great CEO can be judged is whether he or she leaves the business in a better position than when they started. This cookie is set by twitter.com. The promotions come as Glencore goes through a wider generational shift. Glasenberg also teased the prospect that Tesla could be a sensible suitor for Glencore, given the electric carmaker's market value of almost $650bn widely trumps the commodity group's $57bn value. [17], Glasenberg has served an executive director of Xstrata Plc (since 2002); and as a non-executive director of Minara Resources Ltd (since 2000); of Rusal Plc (since 2007); and Century Aluminum Co. (between 20102011). The Anglo-Swiss multinational miner brought in . Cristiano Ronaldo vs Lionel Messi: who was the greatest footballer? Glasenberg, 63, has been chief executive since 2002 and investors have been expecting a succession plan after several senior members of management retired in the last few years. Bloomberg News | April 7, 2023 | 8:37 am Agnico Eagle, through a Mexican subsidiary, will take a 50% stake in Minas de San Nicols for $580 million. This cookie is used for authentication and for secure log-in. For a full comparison of Standard and Premium Digital, click here. The cookie is used by cdn services like CloudFlare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. The cookie is used to calculate visitor, session, campaign data and keep track of site usage for the site's analytics report. Glencore is a leading integrated commodities producer and marketer. Records the default button state of the corresponding category & the status of CCPA. Colin Glasenberg Glencore Oil - CFO (E&P Assets) Email Available Alison Burke Accounts Receivable & Cash Allocations Manager Email Available Elise Anderson Executive Assistant to the Chief Operating Officer Email Available Michelle Lawson Financial Controller Email Available More Profiles Use Skrapp.io to find professional email addresses for free This cookie is set by Addthis to make sure you see the updated count if you share a page and return to it before our share count cache is updated. Glencore was founded in 1974 by the controversial metals trader Marc Rich but, in 1983, he was indicted on charges described by the then US attorney for New York, Rudolph Giuliani, as the biggest tax evasion case in United States history. This cookie is set by doubleclick.net. Ivan Glasenberg is the second largest shareholder owning 9.2% of common stock, and BlackRock, Inc. holds about 6.7% . Media Charles Watenphul t: +41 41 709 24 62 m: +41 79 904 33 20 charles.watenphul@glencore.com, Investors Martin Fewings t: +41 41 709 2880 m: +41 79 737 5642 martin.fewings@glencore.com, Maartje Collignon t: +41 41 709 3269 m: +41 79 197 4202 maartje.collignon@glencore.com. 60% of the management team is White. Is Glencore the biggest mining company in the world? We believe that the majority of our readers want to see us survive turbulent financial times. The cookie sets a unique anonymous ID for a website visitor. This cookie is set by Casalemedia and is used for targeted advertisement purposes. He was succeeded by fellow South African Gary Nagle, who was running the firm's coal business. personalising content and ads, providing social media features and to The data includes the number of visits, average duration of the visit on the website, pages visited, etc. LONDON/JOHANNESBURG, Dec 4 (Reuters) - Glencore boss Ivan Glasenberg is to step down next year and Gary Nagle, head of coal assets at the mining and trading group, will become the new CEO. 66 Source of Wealth Mining, Self Made Residence Ruschlikon, Switzerland Citizenship Switzerland Marital Status Married Children 2 Education Master of Business Administration, Marshall School of. Used to track the information of the embedded YouTube videos on a website. Gary Nagle outline biography Gary Nagle, 45, is currently Global Head of Glencores coal industrial business based in Sydney, Australia. He also served on the Board of Lonmin plc from 2013 2015 and has represented Glencore on the Minerals Councils of Australia and Colombia. Mr Nagle intends to relocate from Australia to Switzerland early next year and will work with Mr Glasenberg to effect the transition. [4] He received his MBA from the IBEAR program at University of Southern California in 1983.[5]. No severance payment or payment in lieu of notice will be made. He said Glencore narrowed the CEO search down to three company insiders earlier this year. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. [11][19] Glasenberg paid 360 million SFr (240m) in taxes to Rschlikon following Glencore's flotation on the London Stock Exchange. He became a Swiss citizen in 2011. This cookie is used for advertising purposes. Transaction Status, Reset
Glencore hasnt made a public statement on the promotion, but did update the corporate website in October or November to add Colin Glasenbergs name under executives running industrial assets, according to older versions of the website captured by the nonprofit Internet Archives Wayback Machine. Qatar Holding LLC (9.17%) Ivan Glasenberg (9.10%). If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. His biggest decision was to list Glencore on the London Stock Exchange in 2011, giving the company. All rights reserved. As Ivan hands over to Gary, he does so at a time of huge change. The commodity trader is seeking a buyer for its oilfields in Chad. Online Profile, Check
[19], As of 2022 his net worth was US$9.1 billion.[20]. [9], In September 2011, using his own dividends, Glasenberg started buying a larger share of Glencore, buying up to an additional US$54million of Glencore stock. Sliding into Ivan Glasenberg's shoes was never going to be easy. You can still enjoy your subscription until the end of your current billing period. He then moved to South Africa to take on the role of Head of Glencores Alloys Assets (2013-2018). It dominates transactions in industrial metals including . The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. By clicking Accept All, you consent to the use of ALL the cookies. Davis left the company in July 2013. Gregarious and well liked in the metals industry, he has a traditional traders regard for personal connections. Glasenberg joined Glencore in 1984,[4] working in the coal department in South Africa[5] and Australia. His work ethic and dedication to the company and its employees has inspired a loyalty that is rare in business. Gary has commerce and accounting degrees from the University of the Witwatersrand, and qualified as a Chartered Accountant in South Africa in 1999. This collected information is used to sort out the users based on demographics and geographical locations inorder to serve them with relevant online advertising. He became head of the coal department in 1990, rising to take the top job at Glencore in 2002. Based on our data team's research, Colin Glasenberg is the Glencore's CEO. The company's largest shareholder is Qatar Holding LLC, with ownership of 9.2%. Current forecasts suggest the business will pay a dividend of $0.57 (46p) per share this year and $0.51 (41p) in 2023. Glasenberg, 62, in charge since 2002, hasnt announced the candidates to succeed him. But opting out of some of these cookies may affect your browsing experience. This cookie is set by pubmatic.com for the purpose of checking if third-party cookies are enabled on the user's website. The cookie is set by pubmatic.com for identifying the visitors' website or device from which they visit PubMatic's partners' website. Colin Glasenberg Glencore Oil - CFO (E&P Assets) London, England, United Kingdom. organisation Last year, Katanga wasfinedby the Ontario Securities Commission for misstating its accounts. He has said, though, that there are "three to four guys" on the shortlist; that next CEO should be from a. Glencore has also attracted the attention of the UKs Serious Fraud Office, which launched an investigation into suspicions of bribery at the mining and commodity trading group a year ago. You can update your choices at any time in your settings. We use He has said, though, that there are three to four guys on the shortlist; that next CEO should be from a younger generation; and that I hope he looks like me. offers FT membership to read for free. Learn more about the Glencore's demographics and statistics by exploring diversity metrics and key facts about the company. The purpose of the cookie is to determine if the user's browser supports cookies. He has been on the Boards radar for more than several years and was selected following a succession process overseen by the Board. The cookie is a session cookies and is deleted when all the browser windows are closed. Glasenberg was an athlete, and by his early 20s was national junior champion in race walking. Glencore Chile; Glencore Peru; Antamina; Cerrejn; El Pachn; Alumbrera; Volcan; Collahuasi; Who we are. Working for Glencore. Wary . Not only has Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole., I am proud of the great company that we have built. Colin Glasenberg, who joined Glencore's energy business in 2011, is now part of senior management and oversees oil fields in Chad and Equatorial Guinea.