LEADERSHIP

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.

Staff reporter
Nagle to lead Glencore from July

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).

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