Glasenberg to quit Glencore by 2023

GLENCORE’S boss will step down from the top job in three to five years.

Ivan Glasenberg has said he will quit the Switzerland-headquartered commodities trader and miner by 2023 and has begun training a number of people as potential successors. The 61-year-old, who was born in South Africa and is also a champion race-walker, joined Glencore in 1984 and was named chief executive in 2002.

He is the second biggest shareholder in London-listed Glencore, holding 8.56pc. A spokesman for Glencore declined to comment.