LONDON—Ivan Glasenberg, the longtime chief government of Glencore PLC, is handing over the reins of the worldwide mining and buying and selling big he constructed, saying Friday he would retire within the first half of subsequent yr.
The Switzerland-based, London-listed firm stated it had tapped Gary Nagle, a senior deputy who presently runs the corporate’s coal industrial belongings, for the highest job.
A successor to one-time-fugitive Marc Wealthy on the firm that might grow to be Glencore, Mr. Glasenberg remodeled it from a privately held buying and selling home into the biggest coal marketer on the earth. An unapologetic promoter of coal, he continued to ramp up that enterprise regardless of a rising backlash from governments, regulators and ultimately buyers, who criticized the fossil gasoline’s contribution to local weather change.
Up to now few years, nonetheless, even Mr. Glasenberg started to shift away from a deal with coal, emphasizing Glencore’s huge place in commodities key to constructing electrical automobiles and renewable vitality infrastructure, like nickel, copper and cobalt. The announcement of Mr. Glasenberg’s retirement got here on a day when the corporate additionally stated it deliberate to cut back its emissions to web zero by 2050. That may partly be attainable, the corporate stated, due to its depleting reserves of coal.
Mr. Glasenberg stated he’s handing off an organization higher positioned than others to make the most of this vitality shift. “Nobody has a portfolio of this combine to fulfill the vitality calls for of the long run,” he advised reporters Friday.