Glencore Boss Glasenberg Says Pandemic Might Delay His Departure

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ZURICH: The COVID-19 pandemic may have an effect on the timing of Glencore Chief Govt Ivan Glasenberg’s departure from the mining and buying and selling firm, he instructed Swiss paper NZZ.

Glasenberg, who has been chief govt since 2002, has overseen a turbulent interval for the group, with a broader change in senior managers over the previous two years spurred partly by a number of investigations into the corporate over alleged bribery and corruption.

He has stated he plans to step down as soon as a brand new administration group is in place and final yr urged that his successor may very well be in place a while this yr.

Chatting with NZZ, he stated the pandemic may now have an effect on the transition.

“I need to introduce my successor to clients,” he stated within the interview printed on Thursday. “However to take action we could have to have the ability to journey once more.”

Glasenberg stated he has no plans to hitch the corporate’s board as soon as he leaves his submit, including that he plans to maintain his almost 10% stake within the group.

“The following CEO shouldn’t have a shadow hanging over him,” Glasenberg stated. “I’m assured, as a result of it will likely be an inner successor who has labored beneath me for a few years and whom I belief.”

Glencore has lately contended with challenges from a sequence of mine fatalities to a strike at a coal mine in Colombia and local weather politics.

Regardless of strain from buyers and environmental teams over the corporate’s coal actions, Glencore has no plans to promote or spin off its coal companies, Glasenberg stated.

“If the world nonetheless wants coal, the query arises: would international emissions be lowered if Glencore offered its coal mines to a Chinese language firm or another person? In all probability not. So we’re conserving the coal mines and phasing them out,” he stated.

“If we promote the mines and one other firm makes use of them, we’re not saving the world.”

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