LONDON (Reuters) – Glencore (GLEN.L) will make more changes to its front bench this year, Chief Executive Ivan Glasenberg said on Tuesday, as the world’s largest commodities trader hastens a transition to a new generation of leaders.
The London-listed miner has faced mounting pressure to change its leadership after multiple corruption and bribery investigations. Falling commodity prices and a large exposure to out-of-favour coal have added to challenges facing the firm, whose shares lost a fifth of their value last year.
“We want a smooth generation change. There will be a few senior management changes coming,” Glasenberg told reporters. “Once the new generation is in place and ready to move on, then it will also be the time for me to move on.
“We have changed most of the divisional heads, we still have the zinc division and the coal division, so those are the last of the older crew left.”
Glasenberg, the company’s second-biggest shareholder with a 9% stake, said in 2018 he would step aside within 5 years. In recent years, the company appointed new division heads to cover marketing and assets for coal, ferroalloys, copper and oil.