Commodity trading giant Glencore has appointed Gary Nagle as its new CEO, replacing Ivan Glasenberg who will retire as CEO during the first half of 2021.
Nagle will relocate from Australia, where he heads up Glencore’s coal industrial business, to Switzerland early next year and will work with Glasenberg as part of the transition.
Tony Hayward, chairman of Glencore, said: “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. 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, who joined Glencore in 2000, said: “I am grateful for the trust placed in me by the board and honoured to be appointed CEO at such an exciting time for Glencore. We will continue to deliver value to our shareholders, while operating safely and responsibly.”