Glencore enlists coal boss to replace Glasenberg as CEO

Glencore has named global head of coal Gary Nagle as the company’s next chief executive, with Ivan Glasenberg set to step down from the role next year.

Nagle will relocate from Australia to Switzerland in early 2021 to complete his transition with Glasenberg, who is also retiring from his role as a member of the Glencore board in the first half of 2021.

Glencore chairman Tony Hayward said Glasenberg had been working with the board for the past two years to work towards a transition of the company’s leadership.

“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,” Hayward said.

“As Ivan (Glasenberg) hands over to Gary (Nagle), 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.”

According to Hayward, Glasenberg has put Glencore in a better position during his leadership.

“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 (Glasenberg) achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole,” he said.

Nagle has previously worked in senior roles across Glencore’s ferroalloys and coal businesses in Australia, South Africa and Colombia.

“We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow,” Hayward said.

Glasenberg said he had worked with Nagle since he joined the company 20 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 (Nagle),” he said.

“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.”

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