Ivan Glasenberg

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Ivan Glasenberg
Ivan Glasenberg.jpg
Born 1957
Johannesburg, South Africa
Nationality Australian
South Africa
Israeli
Swiss
Ethnicity Jewish[1]
Alma mater University of Witwatersrand University of Southern California
Occupation Commodities
Known for CEO of Glencore Xstrata
Net worth Increase GB£5.4 billion[citation needed]
Increase A$6.63 billion (BRW 2014)[2]
Increase US$7.20 billion (Forbes 2012)[3]
Children 2

Ivan Glasenberg, (born 1957 in South Africa) is the CEO of Glencore Xstrata, one of the world's largest commodity trading and mining companies.[4] Glasenberg is described as a South African-Australian-Israeli triple citizen.[5] He became a Swiss citizen in 2011.[6] He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.

Background and early career[edit]

Glasenberg was born 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.[4] In his youth Glasenberg was also a friend of Mick Davis, who would become the CEO of mining company Xstrata.

Glasenberg earned 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)].[7] He received his MBA from the University of Southern California in 1983.[8]

Glencore International[edit]

Glasenberg joined Glencore in 1984,[7] working in the coal department in South Africa[8] and Australia.[7] He managed Glencore's Hong Kong and Beijing offices from 1989 to 1990, and became head of the company's coal department in 1991.[9] 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.[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[edit]

Glasenberg became CEO of the mergered entity created when Glencore and Xstrata finalized 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, with Davis due to leave the company in July 2013.[17]

Personal life[edit]

Glasenberg has been a champion race-walker for both South Africa and Israel,[8] 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[edit]

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.[5]

Year BRW
Rich 200
Forbes
Australia's 40 Richest
Rank Net worth (AUD) Rank Net worth (USD)
2011[20] 2 Increase $8.80 billion Increase n/a not listed
2012[3][21] 2 Steady $7.40 billion Decrease 2 Increase $7.20 billion Increase
2013[22] 5 Decrease $5.61 billion Decrease
2014[2] 5 Steady $6.63 billion Increase
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

Notable affiliations[edit]

Notable affiliations include:[7]

References[edit]

  1. ^ Watchman, Richard (14 February 2010). "Xstrata's big boss with bigger ambitions". The Observer (London). Retrieved 19 May 2011. 
  2. ^ a b "2014 BRW Rich 200". BRW (Sydney). 26 June 2014. Retrieved 28 June 2014. 
  3. ^ a b "Australia's 40 Richest: Ivan Glasenberg". Forbes Asia. 1 February 2012. Retrieved 2 June 2012. 
  4. ^ a b Cobain, Ian (19 May 2011). "The rise of Glencore, the biggest company you've never heard of". The Guardian (London). Retrieved 19 May 2011. 
  5. ^ a b Woker, Daniel (8 March 2013). "Conservative governments divorcing big business?". The Interpreter: Lowy Institute for International Policy. Retrieved April 1, 2013. 
  6. ^ Martin Spieler: «Letztlich macht es keine Differenz, ob Ihr Vermögen eine Milliarde beträgt oder sechs» Interview, SonntagsZeitung, May 5, 2013 (german)
  7. ^ a b c d "Executive Profile: Ivan Glasenberg B.Acc, MBA (USC), CASA". Bloomberg BusinessWeek. Retrieved 1 March 2011. 
  8. ^ a b c Onstad, Eric; MacInnis, Laura; Webb, Quentin (25 February 2011). "Special report: The biggest company you never heard of". Reuters. Reuters. Retrieved 28 February 2011. 
  9. ^ "People records: Ivan Glasenberg". AfdevInfo. information systems in Africa. 16 March 2007. Retrieved 3 June 2012. 
  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. ^ a b 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. May 2, 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. ^ a b Rupert Neate (2 December 2012). "Ivan Glasenberg's neighbours rest uneasily with Glencore tax windfall". The Guardian (London). 
  20. ^ Wood, Lachlan (25 May 2011). "Passport Power". BRW Rich 200 Wealth Index (Australia). Retrieved 24 November 2013. 
  21. ^ "Rich 200: It's tough at the top". BRW (Sydney). 24 May 2012. Retrieved 2 June 2012. 
  22. ^ "BRW Rich 200 2013 Wealth Index". BRW (Sydney). 23 May 2013. Retrieved 23 May 2013. 

Further reading[edit]