Mate be­comes lat­est bil­lion­aire trader to exit giant Glen­core

The Daily Telegraph - Business - - Business - By LaToya Hard­ing

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.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.