Head of copper operations at Glencore to stand down

In a telephone conference for investors and representatives of the press earlier this week, the CEO of the Glencore commodity-trading and mining company, Ivan Glasenberg, and its CFO, Steve Kalmin, announced plans for the company’s immediate future in addition to various changes at senior management level.

On this latter matter, it was announced that, as from a date in the first quarter of 2019, Peter Freyberg would be promoted to head of mining, a new position, with Gary Nagle taking over Freyberg’s former role as head of global coal operations.

It was further announced that Aristoteles (Telis) Mistakidis, who is currently head of copper operations, would be leaving the company after 25 years’ service. He is to be succeeded by Nico Paraskevas.

When Glasenberg was asked if there might be further changes, he said the company was heading for a time when the next generation would have to take over. When asked about his own position, the 61-year-old referred only to a previous statement he had made on this matter, namely that, by the time he is 65, it would be clear who his successor would be. Whoever this might be, should, according to the CEO, have a background in trading, like himself, but belong to a younger generation. Hence it was thought that 59-year-old Freyberg would not take over this role.