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Ivan Glasenberg, the longtime chief executive of global mining and trading giant Glencore, announced on Friday that he is handing over the leadership of the company he built.

Glasenberg will retire as CEO and as a member of the Glencore Board during the first half of 2021.

Gary Nagle, a senior deputy who currently runs the company’s coal industrial assets, will suceede him as CEO and will join the board. Nagle intends to relocate from Australia to Switzerland early next year and will work with Mr Glasenberg to effect the transition.

Glasenberg, who is origionally from South Africa, joined Glencore in 1984. He took over as CEO from one-time-fugitive Marc Rich in 2002. He transformed Glencore from a privately held trading house into the largest coal marketer in the world.

Nagle joined Glencore in 2000 and worked his way up through the company’s coal business. From 2008 to 2013, he was the CEO of Glencore’s coal operation in Colombia, before moving on to South Africa to head Glencore’s alloys assets until 2018.

Tony Hayward, Glencore's Chairman, that what what Glasenberg has achieved is unique. "His vision created two of the world’s largest mining companies – Glencore and Xstrata."

He further commented that Glasenberg was leaving at a time of huge change. "As the world moves to recover from the impacts of the COVID-19 pandemic, while also addressing the challenge of climate change, our industry has a significant opportunity to contribute to the economic recovery by providing commodities essential to the transition to a low-carbon economy," he said.

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