Glen­core boss kicks off suc­ces­sion race

The Daily Telegraph - Business - - Business - By Jil­lian Am­brose

THE long-stand­ing boss of Glen­core has fired the start­ing gun on a three to fiveyear suc­ces­sion race among the com­mod­ity giant’s bright young ex­ec­u­tives as he con­firmed his plans to step down in the early 2020s.

Ivan Glasen­berg told in­vestors that he is eye­ing four can­di­dates within the FTSE 100 miner who show the po­ten­tial to fill his role af­ter an al­most 20-year ten­ure.

Mr Glasen­berg’s suc­ces­sion would be only the third time that a new chief ex­ec­u­tive has taken the helm of Glen­core in al­most 50 years. He took charge of the com­modi­ties giant from Willy Strothotte in 2002, eight years af­ter founder Marc Rich was ousted.

“I have my eye on a few guys,” Mr Glasen­berg said, ex­press­ing a pref­er­ence for a 45-year-old suc­ces­sor.

“Do I see any women in that pack? No. But in three or four years there could be.” The Glen­core vet­eran also un­veiled a man­age­ment shakeup, which felled the group’s long-time cop­per kingpin.

Aris­totelis Mis­takidis, who is also a bil­lion­aire Glen­core share­holder, will be re­placed as head of cop­per trad­ing by Nico Paraskevas. Glen­core is cur­rently the sub­ject of an on­go­ing in­quiry by the US Depart­ment of Jus­tice into its cop­per deal­ings in the Demo­cratic Repub­lic of Congo.

Mr Glasen­berg de­nied that the move was linked to in­ves­ti­ga­tions and said Mr Mis­takidis had been talk­ing about a lead­er­ship tran­si­tion for some time. “He has de­cided to re­tire and pass on the ba­ton,” he told re­porters.

The over­haul in­cludes Glen­core’s coal boss Peter Frey­berg who was ap­pointed to a new po­si­tion head­ing in­dus­trial mining as­sets.

Mr Glasen­berg said the com­pany plans to spend $5.2bn on share­holder buy­backs for 2018, de­spite slightly weaker cash flows fore­casts for the sec­ond half of the year. Shares climbed 3.7pc to 300.8p yesterday.

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