Glencore to Change 'Old Guard' Ahead Of CEO Transition -- WSJ
04 Dezembro 2019 - 5:02AM
Dow Jones News
By Alistair MacDonald
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (December 4, 2019).
Glencore PLC signaled it intends to make management changes next
year that would pave the way for the retirement of the mining
company's chief executive officer, Ivan Glasenberg.
Updating investors on future strategy, Mr. Glasenberg said the
company would meet in early 2020 to talk about a change in its "old
guard." Once a new layer of management is in place, Mr. Glasenberg
said, he would be in a position to step aside.
"The old guys will be leaving," he said on a conference call. "I
don't want to be an old guy running this company -- and soon as
those guys are ready to take over, I will move aside."
Mr. Glasenberg, who joined Glencore in 1984 and has been CEO
since 2002, said last year that he would step aside within two to
five years. The South Africa-born executive, 62 years old, is one
of just a handful of senior staff who were with the company when it
was floated on public markets in 2011.
The CEO merged Glencore, a commodities-trading company, with
Xstrata, one of the world's biggest mining companies, in a $29.5
billion deal that created one of the world's largest coal, copper
and zinc producers in 2013.
In recent years, the company has replaced the heads of its
copper and oil divisions.
Glencore's share price this year has suffered from increased
legal and regulatory scrutiny of its businesses, the group's large
exposure to coal, weak copper and cobalt prices, and other factors.
Glencore said in July 2018 that it had received a subpoena from the
U.S. Justice Department, demanding records related to its
compliance with American antibribery and money-laundering laws in
Congo, Nigeria and Venezuela.
Glencore has also said that it is the subject of an
investigation by the U.S. Commodity Futures Trading Commission.
The company has engaged external legal counsel and forensic
experts to assist in responding to the DOJ and CFTC investigations,
Glencore said in posting its half-year results in August.
The company said Tuesday that it was well-positioned for growth
trends such as increased use of electric-powered transport, given
its exposure to resources that are used to make engines and
batteries. But Mr. Glasenberg also reiterated the company's
commitment to its large coal business, at a time that investors are
increasingly turning away from the fuel over environmental
concerns.
Mr. Glasenberg, who once led the company's coal division, said
that while coal's share of global energy generation will fall, the
actual demand for coal will increase as new power stations come on
line in Asia.
"Right now coal is there, it generates a lot of [earnings] for
the company," he said.
Write to Alistair MacDonald at alistair.macdonald@wsj.com
(END) Dow Jones Newswires
December 04, 2019 02:47 ET (07:47 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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