Ivan Glasenberg

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Ivan Glasenberg
Born 1957
Johannesburg, South Africa
Nationality Australian
South Africa
Israeli
Ethnicity Jewish[1]
Alma mater University of Witwatersrand University of Southern California
Occupation Commodities
Known for CEO of Glencore
Net worth increase £5.4 billion (UK sterling)

Ivan Glasenberg, (born 1957 in South Africa) is the CEO of Glencore, one of the world's largest commodity trading companies.[2] He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.

Contents

[edit] Background and early career

Glasenberg was born in South Africa in January 1957. His father, Samuel Glasenberg, was "a luggage manufacturer and importer born in Lithuania", whilst 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]

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)].[4] He received his MBA from the University of Southern California in 1983.[5]

[edit] Glencore

Glasenberg joined Glencore in 1984,[4] working in the coal department in South Africa[5] and Australia.[4] He managed Glencore's Hong Kong and Beijing offices from 1989 to 1990, and became head of the company's coal department in 1991.[6] He was named CEO in 2002.

In 2005, BusinessWeek referred to Glasenberg as a key figure ("lieutenant") 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 U.S. president Bill Clinton. Glencore is the corporate successor to Marc Rich & Co AG.[7]

As of August 2011, it has been reported that, due to the economic climate, Glasenberg lost £788m as his share price plummeted 13.2 per cent leaving his 15.8 per cent of the company worth £4.7bn. [1] In September 2011, using his own dividends, Glasenberg started buying a larger share of Glencore, buying up to an additional $54 million of Glencore stock.[8]

[edit] Personal

Glasenberg has been a champion race-walker for both South Africa and Israel.[5]

[edit] Notable affiliations

Notable affiliations include:[4]

[edit] References

  1. ^ Watchman, Richard (14 February 2010). "Xstrata's big boss with bigger ambitions". The Observer. http://www.guardian.co.uk/business/2010/feb/14/mick-davis-profile-mining-industry. Retrieved 19 May 2011. 
  2. ^ Cobain, Ian (19 May 2011). "The rise of Glencore, the biggest company you've never heard of". The Guardian. http://www.guardian.co.uk/business/2011/may/19/rise-of-glencore-commodities-company. Retrieved 19 May 2011. 
  3. ^ The Guardian, 20 May 2011, The rise of Glencore, the biggest company you've never heard of
  4. ^ a b c d "Executive Profile: Ivan Glasenberg B.Acc, MBA (USC), CASA", Bloomberg BusinessWeek. "Witwatersrand" misspelled in source. Retrieved March 01, 2011 7:03 AM ET.
  5. ^ a b c Onstad, Eric, Laura MacInnis and Quentin Webb, Reuters, "Special report: The biggest company you never heard of", Reuters, February 25, 2011 7:52am EST. Retrieved 2011-02-28.
  6. ^ AfdevInfo, Ivan Glasenberg profile
  7. ^ "The Rich Boys. An ultra-secretive network rules independent oil trading. Its mentor: Marc Rich.". BusinessWeek. July 18, 2005. http://www.businessweek.com/magazine/content/05_29/b3943080.htm. 
  8. ^ Glencore boss Glasenberg buys shares, eyes more Reuters, LONDON | Fri Sep 16, 2011 1:54pm EDT
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