By Peter Nurse
Investing.com - Ivan Glasenberg, the chief executive of Glencore (OTC:GLNCY), announced Friday he will step down from the role during the first half of next year.
Glasenberg, 63, joined Glencore in 1984 and has been CEO since 2002, overseeing the transformation of the company from a privately held commodities trading business to the world's largest publicly listed mining and trading behemoth.
“It’s time to hand over to a new generation and a new leader,” Glasenberg said on an investor call Friday. The company confirmed his intention to step down in a separate statement.
Gary Nagle, head of the company's coal arm, will take over the role.