Exclusive: Glencore's top aluminum exec to leave, first exit since takeover-sources

Tue May 21, 2013 11:35am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Josephine Mason

NEW YORK (Reuters) - Glencore Xstrata's GLEN.L head of aluminum, Gary Fegel, is set to leave the company, three sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month.

Fegel's departure from one of the most powerful jobs in the global aluminum market will come as a surprise to many since he was reconfirmed in the post just weeks ago, and aluminum is one of the few areas of Glencore's mining portfolio that has no overlap with Xstrata.

The specific timing and reason for his exit - after 12 years at Glencore - are unclear, and discussions over possible succession continue, the sources said.

His leaving comes as Chief Executive Ivan Glasenberg undertakes a three-month review of the division, a source familiar with the company's operations said.

A successor is expected to be named this summer, around the time Glasenberg completes his 100-day review, the source added.

"He's there until the merger has bedded down," said another source who spoke to Glencore traders about the change.

A spokesman for Glencore Xstrata declined to comment.

Fegel, one of Glencore's most senior executives and among its largest shareholders, has run the division alone since the departure of co-head Steven Blumgart in January 2012.   Continued...

The logo of Glencore is pictured in front of the company's headquarters in the Swiss town of Baar, November 13, 2012. REUTERS/Michael Buholzer