Ivan Glasenberg
Encyclopedia
Ivan Glasenberg, is the CEO of Glencore
, one of the world's largest commodity trading companies. He is also on the boards of mining companies Xstrata
plc and Minara Resources Ltd.
, a suburb of Johannesburg
. Glasenberg was an athlete, and by his early 20s was national junior champion in race walking
.
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 Accountant
s, for five years and is a Chartered Accountant, South Africa [CA (SA)]. He received his MBA from the University of Southern California
in 1983.
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.
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. http://www.dailymail.co.uk/news/article-2023100/Lakshmi-Mittal-Stelios-Mike-Ashley-BILLIONS-wiped-riches.html#ixzz1UHt1mM6O 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.
Glencore
Glencore International plc is a multinational mining and commodities trading company headquartered in Baar, Switzerland and with its registered office in Saint Helier, Jersey...
, one of the world's largest commodity trading companies. He is also on the boards of mining companies Xstrata
Xstrata
Xstrata plc is a global mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It is a major producer of coal , copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome...
plc and Minara Resources Ltd.
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, GautengIllovo, Gauteng
Illovo is a suburb of Johannesburg, South Africa. It borders Hyde Park, Sandhurst, and Craighall Park. It is located in Region 3.Wanderers Stadium is located in Illovo, which is home to the Highveld Strikers, Johannesburg's cricket team....
, a suburb of Johannesburg
Johannesburg
Johannesburg also known as Jozi, Jo'burg or Egoli, is the largest city in South Africa, by population. Johannesburg is the provincial capital of Gauteng, the wealthiest province in South Africa, having the largest economy of any metropolitan region in Sub-Saharan Africa...
. Glasenberg was an athlete, and by his early 20s was national junior champion in race walking
Race walking
Racewalking, or race walking, is a long-distance athletic event. Although it is a foot race, it is different from running in that one foot must appear to be in contact with the ground at all times...
.
Glasenberg earned a Bachelor of Commerce
Bachelor of Commerce
A Bachelor of Commerce is an undergraduate degree in commerce and related subjects. The degree is also known as the Bachelor of Commerce and Administration, or BCA...
and Bachelor of Accountancy
Bachelor of Accountancy
The degree of Bachelor of Accountancy is the principal academic degree in accountancy in several countries, and is often the only degree recognised for subsequent practice; see First professional degree. It is abbreviated B.Acy. or B.Acc. or B. Accty....
from the University of the Witwatersrand
University of the Witwatersrand
The University of the Witwatersrand, Johannesburg is a South African university situated in the northern areas of central Johannesburg. It is more commonly known as Wits University...
, South Africa. Glasenberg was with Nexia Levitt Kirson, Chartered Accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
s, for five years and is a Chartered Accountant, South Africa [CA (SA)]. He received his MBA from the University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
in 1983.
Glencore
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
BusinessWeek
Bloomberg Businessweek, commonly and formerly known as BusinessWeek, is a weekly business magazine published by Bloomberg L.P. It is currently headquartered in New York City.- History :...
referred to Glasenberg as a key figure ("lieutenant") in the secretive oil-trading inner circle
The Rich Boys
The Rich Boys refers to an elite circle of oil and mineral trading figures under the tutelage of one-time fugitive financier Marc Rich, as identified in a July, 2005 investigative report by journalist Marcia Vickers for BusinessWeek magazine....
of Marc Rich
Marc Rich
Marc Rich is an international commodities trader and entrepreneur. He is best known for founding the commodities company Glencore. He was indicted in the United States on federal charges of illegally making oil deals with Iran during the late 1970s-early 1980s Iran hostage crisis and tax evasion...
, a billionaire commodities trader charged with tax evasion and illegal deals with Iran and later pardoned by U.S. president Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
. 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 £788m as his share price plummeted 13.2 per cent leaving his 15.8 per cent of the company worth £4.7bn. http://www.dailymail.co.uk/news/article-2023100/Lakshmi-Mittal-Stelios-Mike-Ashley-BILLIONS-wiped-riches.html#ixzz1UHt1mM6O 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.
Personal
Glasenberg has been a champion race-walker for both South Africa and Israel.Notable affiliations
Notable affiliations include:- Minara Resources Ltd - board member, 2000-
- Xstrata PlcXstrataXstrata plc is a global mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It is a major producer of coal , copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome...
- board member, 2002- - United Company RUSALUnited Company RUSALUnited Company RUSAL is the world's largest aluminium company, with headquarters in Moscow, Russian Federation. UC RUSAL accounts for almost 11% of the world's primary aluminium output and 13% of the world’s alumina production. The United Company was formed by the merger of RUSAL , SUAL, and the...
Plc - board member, 2007- - Century Aluminum Co. - board member, 2010–2011