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Nagle to lead Glencore from July

Gary Nagle’s role as CEO and director at Glencore will start on July 1, the global miner and commodities trader said yesterday.
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Staff reporter

Long-serving CEO Ivan Glasenberg, who had announced his long-expected departure in December, would retire on June 30.

The company said Glasenberg would seek re-election to the board at Glencore's AGM on April 29 for a further year.

Nagle will start on a base salary of US$1.8 million - part of a proposed total remuneration package of $10.4 million, Glencore's annual report revealed.

In other changes, Glencore said yesterday John Mack would retire from the board and not seek re-election at the AGM.

Meanwhile Tony Hayward is serving his final term as chairman and would leave by next year's AGM, Glencore said earlier this month.

Glencore closed 2.67% lower in London yesterday to 272p, remaining towards the top of a one-year range, valuing it about £36.2 billion (US$49.7 billion).