Ivan Glasenberg

Glasenberg joined Glencore in 1984,[6] working in the coal department in South Africa[7] and Australia.[6] He managed Glencore's Hong Kong and Beijing offices from 1989 to 1990, and became head of the company's coal department in 1991.[8] He was named CEO in 2002.

In 2005, BusinessWeek referred to Glasenberg as a key figure in the secretive commodities trading of Marc Rich's company Mark Rich & Co. AG.[9] Rich was a billionaire commodities trader, who was charged with tax evasion and illegal deals with Iran, but later pardoned by US President Bill Clinton.[10] Glencore is the corporate successor to Marc Rich & Co AG.[11]

In September 2011, using his own dividends, Glasenberg started buying a larger share of Glencore, buying up to an additional US$54 million of Glencore stock.[12] In April 2012 it was reported that Glasenberg held more than 15 per cent of Glencore's stock, placing him as the 20th richest mining billionaire, with Forbes estimating his net worth at US$7.3 billion.[13]

In December 2020, Glasenberg announced that he will be retiring in 2021 thus stepping out of the CEO position after nearly 20 years. He will be succeeded by fellow South African Gary Nagle, who is currently running the firm's coal business.[14][15][16]

Glasenberg became CEO of the merged entity created when Glencore and Xstrata finalised one of the largest mining company mergers in history creating an US$88 billion company.[17] Originally Xstrata CEO Mick Davis was to be CEO while Glasenberg would be President in a merger-of-equals transaction, however, due to holding out of major Xstrata shareholder Qatar, it became a takeover target,[18] with a 3.05 Glencore to 1 Xstrata Share exchange to create the new entity Glencore Xstrata with Glasenberg becoming CEO. Davis left the company in July 2013.[19]

Glasenberg has served an executive director of Xstrata Plc (since 2002); and as a non-executive director of Minara Resources Ltd (since 2000); of Rusal Plc (since 2007); and Century Aluminum Co. (between 2010–2011).[6]

When Glencore floated via an initial public offering in May 2011, it was reported that Glasenberg personally earned billions. In 2013 he replaced Mick Davis as CEO of the merged Glencore Xstrata, with a salary of an undisclosed amount.[22] By 2016 according to Forbes Asia, Glasenberg had failed to make the cutoff of the 50 wealthiest Australians by net worth, with a threshold of US$500 million.[23] Glassenberg's net worth was assessed at A$6.85 billion in the Financial Review 2017 Rich List.[24]

Year	Financial Review Rich List		Forbes Australia's 50 Richest
	Rank	Net worth (A$)	Rank	Net worth (US$)
2011[25]	2	$8.80 billion	n/a	not listed
2012[26][27]	2	$7.40 billion	2	$7.20 billion
2013[28]	5	$5.61 billion
2014[29][30]	5	$6.63 billion	4	$6.30 billion
2015[31][32]	6	$6.08 billion	5	$2.30 billion
2016[23][33]	9	$3.33 billion	n/a	not listed
2017[24][34][35]	5	$6.85 billion	n/a	not listed
2018[36]	6	$8.32 million	n/a	not listed
2019[37][2]	9	$7.17 billion	n/a	not listed
2020[1]	16	$4.54 billion

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