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Glencore CEO Ivan Glasenberg to retire, to be succeeded by Gary Nagle

Baar, Switzerland
4 December, 2020

Glencore plc announces that Ivan Glasenberg will retire as CEO and as a member of the Glencore Board during the first half of 2021. Gary Nagle will then become the Glencore CEO and join the Board.  Mr Nagle intends to relocate from Australia to Switzerland early next year and will work with Mr Glasenberg to effect the transition.

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 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. Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia. He has been on the Board’s radar for more than several years and was selected following a succession process overseen by the Board. We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.” 

Commenting on Mr Glasenberg, Tony Hayward, Chairman said:

“I have known Ivan for over 15 years, working closely with him as a Director for the last nine years. What he has achieved is unique. His vision created two of the world’s largest mining companies – Glencore and Xstrata. 

“With the support of his partners, Ivan understood the importance of creating a long-term asset base to underpin Glencore’s leading marketing franchise. The IPO in 2011 provided the catalyst to re-unite Glencore with Xstrata, the mining business that Glencore had founded and financed.

“Each step in the evolution of the business has been informed by the needs of the customer and reflected the changing dynamics of the global environment and commodity markets. Underpinning all this is Ivan’s simple mantra of value over volume.  

“His work ethic and dedication to the company and its employees has inspired a loyalty that is rare in business.

“As Ivan hands over to Gary, he does so at a time of huge change. As the world moves to recover from the impacts of the COVID-19 pandemic, while also addressing the challenge of climate change, our industry has a significant opportunity to contribute to the economic recovery by providing commodities essential to the transition to a low-carbon economy.

“Glencore and its portfolio of future facing commodities is uniquely positioned to meet the needs of today and the demands of tomorrow. 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. Not only has Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole.”

Ivan Glasenberg said: 

“I am proud of the great company that we have built. Together, we have created one of the world’s largest diversified miners and marketers of commodities. Today, our diversified portfolio uniquely positions us to play an essential role in the global transition to a low-carbon economy. I have worked with Gary since he joined the company twenty years ago.  I have always regarded it as a critical part of my job to develop the next generation of leadership at Glencore and I am proud of the strong leadership team that we developed from which we were able to select Gary. 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.”

Gary Nagle said: 

“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. We will continue to deliver value to our shareholders, while operating safely and responsibly.”

Appendix

Severance payments
Since the Company’s IPO in 2011, Mr Glasenberg has waived all entitlement to variable remuneration. He will receive his base salary and pension contributions to the date of his retirement. No severance payment or payment in lieu of notice will be made.

UK Listing Rule 9.6.13
There are no matters to be disclosed in accordance with UK Listing Rule 9.6.13 in respect of Mr Nagle. 

Gary Nagle outline biography
Gary Nagle, 45, is currently Global Head of Glencore’s coal industrial business based in Sydney, Australia. 

Gary joined Glencore in 2000 in Switzerland as part of the Coal business development team. He was heavily involved in seeding a portfolio of assets to Xstrata in 2002, in conjunction with its initial listing on the London Stock Exchange. Gary then worked for five years (2008-2013) in Colombia as CEO of Prodeco, Glencore’s Colombian coal operation.  He then moved to South Africa to take on the role of Head of Glencore’s Alloys Assets (2013-2018).

Gary has commerce and accounting degrees from the University of the Witwatersrand, and qualified as a Chartered Accountant in South Africa in 1999. He also served on the Board of Lonmin plc from 2013 – 2015 and has represented Glencore on the Minerals Councils of Australia and Colombia. 

For further information please contact:

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

Glencore LEI: 2138002658CPO9NBH955

This announcement contains inside information.

Notes for Editors

Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by a global network of more than 30 marketing offices.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 160,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.