Billionaire Glasenberg’s Reign Spanned IPO Glory to Graft Probes
- Glasenberg will remain Glencore CEO for next six months
- Gary Nagle, head of coal business, will take over; Shares rise
Ivan Glasenberg
Photographer: Simon Dawson/Bloomberg
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Ivan Glasenberg, a former coal trader who became the billionaire boss of Glencore Plc, will step down next year as the commodities behemoth navigates through corruption probes, scrutiny of its environmental bona fides and a share price that’s lost half its value during the past decade.
The 63-year-old chief executive officer will relinquish his position within the next six months, he told investors Friday. He’ll be replaced by fellow South African Gary Nagle, 45, who oversees the company’s coal assets. Glencore’s London-listed shares rose to their highest in almost 10 months.