Glencore’s Glasenberg says successor could be in place next year – by Barbara Lewis and Eric Onstad (Reuters Canada – December 3, 2019)

https://ca.reuters.com/

LONDON (Reuters) – Glencore could announce a new chief executive next year once a new management team is in place, its current boss told an investor meeting on Tuesday as the commodities giant laid out its priorities for 2020.

The mining and trading company faces a challenging year as it contends with problems on multiple fronts, from a series of mine fatalities and climate politics to a continuing U.S. Department of Justice investigation and difficulties in Democratic Republic of Congo.

Speculation about Ivan Glasenberg’s departure has intensified after he said last year that he expected to retire in between three and five years. Asked for detail on a planned management transition, Glasenberg said there was “a good crop of people” but did not offer names.

“The old guys will be leaving. How soon? We’re reviewing it right now. I would imagine it would occur next year,” said 62-year-old Glasenberg, who has been chief executive since 2002. “I’ve always said I don’t want to be an old guy running this company. As soon as those guys are ready to take over, I’ll be ready to step aside.”

While the U.S. investigatihere into corruption in Democratic Republic of Congo, Venezuela and Nigeria looms in the background, Glasenberg and the company have come under scrutiny after fatalities at its sites.

For the rest of this article: https://ca.reuters.com/article/businessNews/idCAKBN1Y71UT

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