Share

Glencore to lose senior executive

London - Commodities trader Glencore is set to lose one of its most senior executives, the first exit since its high-profile public offering last year, as part of a reorganisation of its upper echelons, a source close to the company said.

Steven Blumgart, Glencore’s co-head of its alumina and aluminium division and a member of its 13-strong management committee, will be leaving the company within the year.

The source said the management reorganisation would involve eliminating the role of “co-heads” of division, with reporting lines being streamlined and executives charged with specific units, as the trader’s presence grows in areas like iron ore.

Gary Fegel, who until now has been co-head of aluminium, will take sole responsibility for the commodity, with Matthew Lucke and Andrew Caplan becoming deputies with responsibilities for aluminium and alumina respectively, the source said.

Aluminium prices have been battered in recent weeks, with prices falling last month to their lowest since July 2010 on worries over the impact of a prolonged recession on industrial metal demand, forcing cuts to capacity across the world.

In other changes to the management team, Christian Wolfensberger, previously co-head of ferroalloys, nickel and cobalt, will head up an iron ore division, a key area of growth for the commodities trader. Stuart Cutler, the other co-head of ferralloys, nickel and cobalt, will take responsibility for ferrochrome, while Kenny Ives will lead nickel, the source said.

Blumgart’s shareholding in Glencore has not been disclosed. Glencore declined to comment.
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.02
-0.6%
Rand - Pound
24.01
-0.5%
Rand - Euro
20.52
-0.3%
Rand - Aus dollar
12.35
+0.0%
Rand - Yen
0.13
-0.6%
Platinum
900.40
+0.4%
Palladium
998.40
-0.3%
Gold
2,211.77
+0.8%
Silver
24.64
-0.0%
Brent Crude
86.09
-0.2%
Top 40
68,114
+0.6%
All Share
74,310
+0.5%
Resource 10
56,946
+2.3%
Industrial 25
103,653
+0.4%
Financial 15
16,467
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders