Ivan Glasenberg is the CEO of Glencore Xstrata, one of the world's largest commodity trading and mining companies. Glasenberg is described as a South African-Australian-Israeli triple citizen. He became a Swiss citizen in 2011. He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.
Background
The family lived in Illovo, Gauteng, a suburb of Johannesburg. Glasenberg was an athlete, and by his early 20s was national junior champion in race walking. In his youth Glasenberg was also a friend of Mick Davis, who would become the CEO of mining company Xstrata.
Glasenberg has been a champion race-walker for both South Africa and Israel,[8] and runs and swims daily to maintain his fitness.
Education
Glasenberg earned a Bachelor of Commerce and Bachelor of Accountancy from the University of the Witwatersrand, South Africa. Glasenberg was with Nexia Levitt Kirson, Chartered Accountants, for five years and is a Chartered Accountant, South Africa [CA (SA)]. He received his MBA from the University of Southern California in 1983.
Career
Glasenberg joined Glencore in 1984, working in the coal department in South Africa and Australia. He managed Glencore's Hong Kong and Beijing offices from 1989 to 1990, and became head of the company's coal department in 1991. He was named CEO in 2002.
In 2005, BusinessWeek referred to Glasenberg as a key figure in the secretive oil-trading inner circle of Marc Rich, a billionaire commodities trader charged with tax evasion and illegal deals with Iran and later pardoned by US President, Bill Clinton. Glencore is the corporate successor to Marc Rich & Co AG.
As of August 2011, it has been reported that, due to the economic climate, Glasenberg lost GB£788 million as his share price plummeted 13.2 per cent leaving his 15.8 per cent of the company worth GB£4.7 billion. 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. 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.
Glasenberg became CEO of the mergered entity created when Glencore and Xstrata finalized one of the largest mining company merger in history creating a US$88 billion company. 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, with a 3.05 Glencore to 1 Xstrata Share exchange to create the new entity Glencore Xstrata with Glasenberg becoming CEO, with Davis due to leave the company in July 2013.
Achievements
Politics
None
Interests
Sport & Clubs
Race walking
Connections
He is married with two children, and a resident of the village of Rüschlikon in Switzerland.