Glencore Xstrata Aluminum Head Gary Fegel Said to Plan to Leave
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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