Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Glencore boss Glasenberg says pandemic could delay his departure - NZZ

Published 12/11/2020, 13:31
Updated 12/11/2020, 13:35
© Reuters. St. Petersburg International Economic Forum

© Reuters. St. Petersburg International Economic Forum

ZURICH (Reuters) - The COVID-19 pandemic could affect the timing of Glencore (L:GLEN) Chief Executive Ivan Glasenberg's departure from the mining and trading company, he told Swiss paper NZZ.

Glasenberg, who has been chief executive since 2002, has overseen a turbulent period for the group, with a broader change in senior managers over the past two years spurred in part by multiple investigations into the company over alleged bribery and corruption.

He has said he plans to step down once a new management team is in place and last year suggested that his successor could be in place some time this year.

Speaking to NZZ, he said the pandemic could now affect the transition.

"I want to introduce my successor to customers," he said in the interview published on Thursday. "But to do so we will have to be able to travel again."

Glasenberg said he has no plans to join the company's board once he leaves his post, adding that he plans to keep his nearly 10% stake in the group.

"The next CEO shouldn't have a shadow hanging over him," Glasenberg said. "I'm confident, because it will be an internal successor who has worked under me for many years and whom I trust."

Glencore has recently contended with challenges from a series of mine fatalities to a strike at a coal mine in Colombia and climate politics.

Despite pressure from investors and environmental groups over the company's coal activities, Glencore has no plans to sell or spin off its coal businesses, Glasenberg said.

"If the world still needs coal, the question arises: would global emissions be reduced if Glencore sold its coal mines to a Chinese company or someone else? Probably not. So we're keeping the coal mines and phasing them out," he said.

© Reuters. St. Petersburg International Economic Forum

"If we sell the mines and another company uses them, we're not saving the world."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.