Copper boss calls it quits
The boss of Glencore’s copper division is leaving after more than two decades at the firm.
aristotelis Mistakidis has announced plans to retire from the mining and commodities group amid a crackdown by watchdogs on parts of the business he used to run.
The 56-year-old owns a £1.4bn stake in Glencore and is a major player in global copper mining.
The US Department of Justice is investigating Glencore’s operations in the Democratic republic of Congo, Venezuela and Nigeria.
Chief executive Ivan Glasenberg, 61, said he hoped to give younger executives more senior roles in Glencore.
he said: ‘he’s [Mistakidis] decided to retire and pass the baton on to the next generation.’
Glasenberg himself is expected to retire in four years and said he has drawn up a list of four candidates who could possibly replace him.
Shares rose 3.7pc, or 10.65p, to 300.8p.