Gary Nagle to be new CEO of commodities major Glencore

New York — Global diversified natural resources major Glencore appointed a new CEO Dec. 4 as longstanding leader Ivan Glasenberg stepped down to make way for Gary Nagle, previously head of coal in Australia.

Glasenberg announced the news on an investor update call, in which it also detailed its journey to reducing its carbon footprint by 2050. A major pathway to that will be disinvestment from its coal business, and a ramp-up of its energy transition metals businesses including nickel, copper and cobalt.

The news has been widely expected as Glasenberg had made no secret of the fact he wanted to retire by 65 and put a younger leader at the helm better equipped to deal with the demands of the job.

"Gary Nagle has held senior roles in coal and ferroalloys in Colombia, South Africa and Australia. He has been on the Board's radar for more than several years and was selected following a succession process overseen by the Board. We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow." Glencore Chairman Tony Hayward said.

Hayward added: "I have known Ivan for over 15 years...his work ethic and dedication to the company and its employees has inspired a loyalty that is rare in business."

Glasenberg said: "I have worked with Gary since he joined the company 20 years ago. I am confident that his leadership, along with the support of the management team, will enable Glencore to take advantage of the opportunities that lie ahead and be a strong custodian for my shareholding in the company."

Nagle joined Glencore in 2000 in Switzerland as part of the coal business development team.