Mate becomes latest billionaire trader to exit giant Glencore
BILLIONAIRE metals trader Daniel Maté is stepping down from mining titan Glencore, nine years after making a fortune from its stock market float.
Mr Maté will quit at the end of the month after a 32-year stint, handing over zinc and lead trading to Nick Popovic. His departure leaves only two of the heads from Glencore’s initial public offering in 2011 still at the Swiss giant: chief executive Ivan Glasenberg and Tor Peterson, head of coal trading.
Several of the traders who became billionaires overnight thanks to the company’s London listing have already left in the past two years, including: former head of copper trading, Telis Mistakidis; head of oil, Alex Beard and head of agriculture, Chris Mahoney.
Mr Glasenberg has led the company since 2002. He intends to complete the transition to a new generation of leaders before also stepping down. Mr Maté, 57, is Glencore’s fifth-largest shareholder with a 3.4pc stake worth more than $1bn (£790m). Glencore shares closed 0.3pc lower at 183.3p, valuing the company at £24bn.