CEO of mining giant Glencore is retiring

category:Finance
 CEO of mining giant Glencore is retiring


After several senior executives of Glencores board of directors announced their retirement in recent years, the follow-up arrangement of glasenberg, who is 63 years old, has been a hot topic in the capital market. Earlier, he said the scope of the companys next CEO was reduced to Gary Nagle, Kenny Ives of the nickel trading division and Nico paraskevas of the copper market.

According to an insider quoted by the media, Gary Nagle is basically a clone of Ivan glasenberg, and Nagle is the most likely option if you have to choose between the three.

Gary Nagle and glasenberg, both of whom studied accounting at Kingsoft University in Johannesburg, are from the coal sector of Glencore. Gary Nagle has served as an executive in the coal and ferroalloy sectors of Colombia, South Africa and Australia. Glasenberg said he also owns shares in many companies and wants to continue to hold them, so I hope Nagle can do better than myself..

At the same time, glasenberg said that the company believes it is better to continue to hold the coal business, but if shareholders think it would be better to sell or spin off a separate coal company, Gary will follow this view.

Currently, Glencores coal business accounts for 5% of the companys total revenue and 10% of its core revenue / EBITDA.

Glencore earlier announced a plan to achieve net zero emissions by 2050 and reduce its direct and indirect carbon footprint by 40% compared with last years level by 2035, which will make it comply with the Paris climate change agreement. The company will continue to invest in cobalt, nickel, copper and other metals closely related to the transformation of low-carbon economy.