New Glencore-Xstrata CEO doesn’t believe in work/life balance

Ivan Glasenberg, CEO of the newly merged Glencore-Xstrata, says he does not believe in work/life balance.

Asked by The Wall Street Journal whether Glencore-Xstrata had a good work/life balance, the 57-year-old billionaire said there was no space for taking time off at the top of the company.


“No. We work. You don’t come here to take life easy. And we all got rich from it, so, you know, there’s a benefit from it,” he said.


Glasenberg said if he started to work less, the major shareholders and other executives would put him out of the job.


“We’re all shareholders. These guys below me, they see the CEO taking it easy, it’s their money,” he said.


Glasenberg has been the CEO of Glencore since 2002, and told The Wall Street Journal he was looking to install a similar working culture at Xstrata.


He previously worked as a trader at Glencore, and spent most of his time travelling the world in order to broker million-dollar commodity shipments.


The self-confessed workaholic also said there was no need for mining executives to be jealous of the seven or eight figure salaries traders made, and said the door was open for anyone to take up the role.


“You want to be a trader, come be a trader,” he said.


“The door’s open. You want to travel six days a week, you want to travel the world, the door’s open. I earn more than you. Come be a trader. Please, the door’s open.”


After a number of delays and missed deadlines, Glencore-Xstrata started business as a new commodities and trading conglomerate last week.


After the merger came into effect Glasenberg said a restructure meant the number of job losses was “going to be big,” with a number of management structures impacted by the changes.

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