Ivan Glasenberg

Ivan Glasenberg
Born 1957
Johannesburg, South Africa
Nationality
  • Australian;
  • South Africa;
  • Swiss
Alma mater
Occupation Commodities
Known for CEO of Glencore
Net worth
Children 2

Ivan Glasenberg (born 1957) is the chief executive officer of Glencore, one of the world's largest commodity trading and mining companies.[3] Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011.[4] He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.

Background and early career

Glasenberg was born to a Jewish family[5] in South Africa in January 1957. His father, Samuel Glasenberg, was "a luggage manufacturer and importer born in Lithuania", and his mother, Blanche, was South African. 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.[3] In his youth Glasenberg was also a friend of Mick Davis, who would become the CEO of mining company Xstrata.

Glasenberg graduated with a Bachelor of Commerce and a Bachelor of Accountancy from the University of the Witwatersrand, South Africa. Glasenberg was with Nexia Levitt Kirson, a firm of chartered accountants, for five years and is a Chartered Accountant, South Africa [CA (SA)].[6] He received his MBA from the IBEAR program at University of Southern California in 1983.[7]

Business career

Glasenberg

Glencore International

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. He was charged with tax evasion and illegal deals with Iran but was later pardoned by US President Bill Clinton.[10] Glencore is the corporate successor to Marc Rich & Co AG.[11]

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.[12] 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.[13] 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.[14]

Glencore Xstrata

Glasenberg became CEO of the mergered entity created when Glencore and Xstrata finalised one of the largest mining company mergers in history creating a US$88 billion company.[15] 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,[16] 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.[17]

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]

Personal life

Glasenberg has been a champion race-walker for both South Africa and Israel,[7] and runs and swims daily to maintain his fitness.[18] He is married with two children, and a resident of the village of Rüschlikon in Switzerland.[14][19] Glasenberg paid 360 million SFr (£240m) in taxes to Rüschlikon following Glencore's flotation on the London Stock Exchange. The money enabled the residents to cut their taxation rate by 7%, which was approved by large majority after a public vote, and attracted criticism from some villagers with regards to Glencore's alleged controversial business practices.[19]

Wealth rankings

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.[20] 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.[2]

Year BRW
Rich 200		 Forbes
Australia's 50 Richest
Rank Net worth (A$) Rank Net worth (US$)
2011[21] 2 Increase $8.80 billion Increase n/a not listed
2012[22][23] 2 Steady $7.40 billion Decrease 2 Increase $7.20 billion Increase
2013[24] 5 Decrease $5.61 billion Decrease
2014[25][26] 5 Steady $6.63 billion Increase 4 Increase $6.30 billion Increase
2015[27][28] 6 Decrease $6.08 billion Decrease 5 Decrease $2.30 billion Decrease
2016[1][2] 9 Decrease $3.33 billion Decrease n/a Decrease not listed
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year

References

  1. 1 2 Stensholt, John, ed. (27 May 2016). "BRW Rich 200 List 2016". Financial Review. Australia. Retrieved 7 June 2016.
  2. 1 2 3 "2016 Australia's 50 Richest". Forbes Asia. January 2016. Retrieved 9 June 2016.
  3. 1 2 Cobain, Ian (19 May 2011). "The rise of Glencore, the biggest company you've never heard of". The Guardian. London. Retrieved 19 May 2011.
  4. ↑ Martin Spieler: «Letztlich macht es keine Differenz, ob Ihr Vermögen eine Milliarde beträgt oder sechs» Interview, SonntagsZeitung, 5 May 2013 (german)
  5. ↑ Jerusalem Post: "The billionaire would-be oleh" by NADAV SHEMER May 6, 2011
  6. 1 2 3 4 "Executive Profile: Ivan Glasenberg B.Acc, MBA (USC), CASA". Bloomberg BusinessWeek. Retrieved 1 March 2011.
  7. 1 2 3 Onstad, Eric; MacInnis, Laura; Webb, Quentin (25 February 2011). "Special report: The biggest company you never heard of". Reuters. Reuters. Retrieved 28 February 2011.
  8. ↑ "People records: Ivan Glasenberg". AfdevInfo. information systems in Africa. 16 March 2007. Retrieved 3 June 2012.
  9. ↑ http://www.theguardian.com/business/2011/may/19/rise-of-glencore-commodities-company
  10. ↑ Ammann, Daniel (2009). The King of Oil: The Secret Lives of Marc Rich. New York: St. Martin's Press. ISBN 0-312-57074-0.
  11. ↑ Vickers, Marcia (18 July 2005). "The Rich Boys". BusinessWeek. Retrieved 2 June 2012.
  12. ↑ Allen, Emily (6 August 2011). "Britain's biggest losers: Lakshmi Mittal, Stelios and Mike Ashley see billions wiped from their riches". Mail Online. United Kingdom. Retrieved 2 June 2012.
  13. ↑ Ferreira-Marques, Clara (16 September 2011). "Glencore boss Glasenberg buys shares, eyes more". Reuters. United States. Retrieved 2 June 2012.
  14. 1 2 Els, Frik (15 April 2012). "2012 Mining Billionaires: #20 Ivan Glasenberg, #21 Nicky Oppenheimer and family, #22 Beny Steinmetz". Mining.com. InfoMine. Retrieved 3 June 2012.
  15. ↑ Wall Street Journal: Glencore-Xstrata Merger Complete. 2 May 2013.
  16. ↑ "Qatar backing puts Glencore's Xstrata deal on track". Reuters. 15 November 2012.
  17. ↑ http://www.bdlive.co.za/business/mining/2013/04/17/davis-to-get-4.6m-payout-as-xstrata-deal-is-approved
  18. ↑ Onstad, Eric; Howley, Victoria; Ferreira-Marques, Clara (2 February 2012). "Fiery CEOs may clash in Glencore-Xstrata talks". Reuters. United States. Retrieved 3 June 2012.
  19. 1 2 Rupert Neate (2 December 2012). "Ivan Glasenberg's neighbours rest uneasily with Glencore tax windfall". The Guardian. London.
  20. ↑ Woker, Daniel (8 March 2013). "Conservative governments divorcing big business?". The Interpreter: Lowy Institute for International Policy. Retrieved 1 April 2013.
  21. ↑ Wood, Lachlan (25 May 2011). "Passport Power". BRW Rich 200 Wealth Index. Australia. Retrieved 24 November 2013.
  22. ↑ "Australia's 40 Richest: Ivan Glasenberg". Forbes Asia. 1 February 2012. Retrieved 2 June 2012.
  23. ↑ "Rich 200: It's tough at the top". BRW. Sydney. 24 May 2012. Retrieved 2 June 2012.
  24. ↑ "BRW Rich 200 2013 Wealth Index". BRW. Sydney. 23 May 2013. Retrieved 23 May 2013.
  25. ↑ "2014 BRW Rich 200". BRW. Sydney. 26 June 2014. Retrieved 28 June 2014.
  26. ↑ Rollason, Adam (30 January 2014). "Rinehart on top, Palmer down on Forbes rich list". AFR Weekend. Australia. Retrieved 12 June 2015.
  27. ↑ "2015 BRW Rich 200: Ivan Glasenberg". BRW. Sydney. May 2015. Retrieved 12 June 2015.
  28. ↑ "Gina Rinehart Retains Top Spot On Forbes Australia Rich List". Forbes Asia. Singapore. 29 January 2015. Retrieved 12 June 2015.

Further reading

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