Glencore up as it looks to future

FTSE 100 miner Glencore (LON:GLEN) has seen its share price climbed by 3.29% to 238.09p (as of 16:00 GMT) after announcing the retirement of CEO Ivan Nagle and naming his successor. Mr Nagle will step down from the company during the first half of 2021 and his role will be taken up by Gary Nagle. The two will work together during a transition period.

Chairman Tony Hayward commented: “As Ivan hands over to Gary, he does so 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.

Glencore and its portfolio of future facing commodities is uniquely positioned to meet the needs of today and the demands of tomorrow. The benchmark by which any great CEO can be judged is whether he or she leaves the business in a better position than when they started. Not only has Ivan achieved this with Glencore, but his vision and drive have left a lasting impact on the industry as a whole.“