Indeed, he publicly retains the awesome self-confidence that powered him to the top of the pile. That said, bear in mind that because a few employees were caught with their hands in a cookie jar doesnt always mean a whole company is rotten.. [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. Follow. This cookie is set by the Bidswitch. Glencore today is not the company it was when the unacceptable practices behind this misconduct occurred., This is a BETA experience. At one point he was worth more than $6 billion from his mining and trading ventures. 2018 was a record year for Glencore on an Ebitda basis (earnings before tax, depreciation, interest and amortisation), with earnings up 8% to $15.8-billion, says Glasenberg. But as August turned into September, and the Chinese meltdown suddenly worsened, he was forced to execute a sudden, ungainly U-turn. In particular, the company maintains that the debt write off by Katanga Mining was not a bribe. They settled in the village of Rschlikon in Switzerland. It contains an encrypted unique ID. And he may not be the only one looking for a deal among Glencores 133,000 employees. The company had previously disclosed that it expected a financial hit of roughly $1.5 billion. Used to track the information of the embedded YouTube videos on a website. You choose the amount and you can cancel at any time. There are many questions that went unanswered at the AGM. When you put that culture and these environments together, the odds of shenanigans happening are really high. Laura Chesters For The Daily Mail He is best known as the Chief Executive Officer of Glencore, which is a leading company in trading and mining. Daily Maverick is free to read. The major issues for us with Glencore relate to the US DOJ investigation connected to their operations in Africa and the magnitude of any fines the company has to pay. You may also know him as a board member of Minara Resources Ltd, which is also a mining company. Glasenberg: We Don't Do Work-Life Balance - WSJ Or at the very least a cause for humility, particularly given the cost to ordinary Britons who hold Glencore stock through their pensions. This cookie is set by Youtube. An honest chat with Ivan Moody ahead of the launch of his cannabis brand, Greenings by Moodys Medicinals. Daniel Malan, the chief investment officer at Perspective Investment Management holds Glencore in high regard, but believes it makes a riskier than usual commodity industry investment.
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