| Ivan Glasenberg | |
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| Born | 1957 Johannesburg, South Africa |
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| Occupation | Commodities |
| Known for | CEO of Glencore |
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| Children | 2 |
A$3.33 bn (BRW 2016)Ivan Glasenberg (born 1957) is the chief executive officer of Glencore, one of the world’s largest commodity trading and mining companies. Glasenberg has or had citizenship of South Africa and Australia. He became a Swiss citizen in 2011. He is also on the boards of mining companies Xstrata plc and Minara Resources Ltd.
Background and early career
Glasenberg was born to a Jewish family 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. In his youth Glasenberg was also a friend of Mick Davis, who would become the CEO of mining company Xstrata.
Glasenberg graduated with 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)]. He received his MBA from the IBEAR program at University of Southern California in 1983.
Business career
Glasenberg
Glencore International
Glasenberg joined Glencore in 1984, working in the coal department in South Africa and Australia. He managed Glencore’s Hong Kong and Beijing offices from 1989 to 1990, and became head of the company’s coal department in 1991. He was named CEO in 2002.
In 2005, BusinessWeek referred to Glasenberg as a key figure in the secretive commodities trading of Marc Rich’s company Mark Rich & Co. AG. Rich was a billionaire commodities trader. He was charged with tax evasion and illegal deals with Iran but was later pardoned by US President Bill Clinton. Glencore is the corporate successor to Marc Rich & Co AG.
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. 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. 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.
CEO of Glencore, one of the world’s largest commodity trading companies, Ivan Glasenberg has an estimated net worth of $5.11 billion as of March 2017, according to Bloomberg. Glasenberg debut on Forbes list, thanks to a successful public offering in May 2011. He has vowed not to sell shares in the company while he works there. Glasenberg was born in South Africa in January 1957. Glasenberg has been a champion race-walker for both South Africa and Israel.
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