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Glencore Xstrata Aluminum Head Gary Fegel Said to Plan to Leave

May 21 (Bloomberg) -- The head of Glencore Xstrata Plc’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.

To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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