BAAR, SWITZERLAND — Glencore PLC announced on Dec. 4 the retirement of its chief executive officer (CEO), Ivan Glasenberg, from the company during the first half of 2021. He also will retire from the board.
Gary Nagle will succeed Glasenberg as CEO and board member.
“As Ivan hands over to Gary, he does so at a time of huge change,” said Tony Hayward, chairman of the Glencore board. “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.
“Glencore and its portfolio of future facing commodities is uniquely positioned to meet the needs of today and the demands of tomorrow. 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 Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole.”
Nagle intends to relocate from Australia to Switzerland early next year and will work with Glasenberg to effect the transition.
“The board has worked with Ivan over the past two years to oversee a seamless transition to the next generation of leadership across Glencore’s business,” Hayward said. “The fact that each department has promoted from within the group is a credit to the work done to ensure there is strength in depth. Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia. He has been on the board’s radar for more than several years and was selected following a succession process overseen by the board. We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.”
Nagle is currently global head of Glencore’s coal industrial business based in Sydney, Australia, but joined the company in 2000 as part of the Coal business development team. He was involved in seeding a portfolio of assets to Xstrata in 2002, in conjunction with its initial listing on the London Stock Exchange. He then worked for five years, 2008-13, in Colombia as CEO of Prodeco, Glencore’s Colombian coal operation. He then moved to South Africa to take on the role of head of Glencore’s Alloys Assets, 2013-18.
Nagle has commerce and accounting degrees from the University of Witwatersrand and qualified as a chartered accountant in South Africa in 1999. He also was on the board of Lonmin PLC from 2013-15 and has represented Glencore on the Minerals Councils of Australia and Colombia.