The head of Glencore Xstrata Plc (GLEN)’s aluminum business will leave the company in the next several months, according to a person familiar with the plans.
Gary Fegel intends to step down, the person said, without giving a specific date, and asking not to be identified as the change hasn’t been announced. Fegel joined the Baar, Switzerland-based company in 2001 and was promoted to head of the alumina and aluminum trading division in 2006.
Fegel is the ninth-largest shareholder in the $70 billion company with a 1.2 percent stake, according to data compiled by Bloomberg. At current share prices, his stock is valued at almost $800 million. Fegel’s plans were reported earlier today by Reuters.
Glencore completed its $29 billion acquisition of Xstrata Plc this month. The company was closely held for more than three decades before a $10 billion initial public offering in 2011.
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