Glencore chief executive officer Ivan Glasenberg is said to be planning to retire from the commodities trader and miner in three to five years, and has even begun training a small group of front runners to take over the post.
Glasenberg (62), whose strategic brilliance has made Glencore’s — and his own — prodigious fortune, is coaching three to four people to succeed him in the job, Bloomberg reported without disclosing the names of candidates.
Born in South Africa, the executive joined the Swiss company in April 1984 and has held the top job since 2002. Glasenberg has shown an insatiable appetite for risk ever since. The best know example of it was perhaps the way he led the 2013 debt-fuelled takeover of Xstrata, which formed a company that had at one point a market capitalization of $65 billion, now sitting at about $44 billion.
Glasenberg, who is currently Glencore's second-largest shareholder with an 8.56-percent stake, according to Refinitiv Eikon data, doesn’t plan to sell his shares after retiring.
More to come…
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