© 2020 Forbes Media LLC. Image via CrunchBase Last month, we published our annual ranking of the World’s Biggest Public Companies based on a composite score across four metrics; sales, profits, assets and market value. Australia's second richest: Glencore CEO Ivan Glasenberg Commodities trader Glencore and mining outfit Xstrata are engaged in merger talks, with a formal deal expected to be hammered out as early as next week. In 2005, BusinessWeek referred to Glasenberg as a key figure in the secretive commodities trading of Marc Rich's company Mark Rich & Co. Topping the list for 2011 Ivan Glasenberg from Glencore International with an estimated net worth of R61.48 billion. If indeed successful, the negotiations could produce a vertically integrated mining and commodities marketing behemoth with a market cap north of $80 [...]. The company was founded in 1974 and is headquartered in Baar, Switzerland. [10] Glencore is the corporate successor to Marc Rich & Co AG. He became a Swiss citizen in 2011. Use Forbes logos and quotes in your marketing. Ian Taylor was part of a legendary trio that included Glencore CEO Ivan Glasenberg and the late Claude Dauphin, co-founder of Trafigura, who passed away in 2015. He managed Glencore's Hong Kong and Beijing offices from 1989 to 1990, and became head of the company's coal department in 1991. 2 On Australia's 40 Richest, Glencore's $10B Listing Headlines Year's Biggest IPOs, Bartoszek Back In The Lineup As Possible Mets Investor. If indeed successful, the negotiations could produce a vertically integrated mining and commodities marketing behemoth with a market cap north of $80 [...], Ivan Glasenberg, CEO of commodities trading giant Glencore International, not only joins our list for the first time but does so in style, landing the No. 2 On Australia's 40 Richest, Names You Need To Know: Ivan Glasenberg Is Leading Glencore To IPO Of The Year. Together, the three were considered the founding fathers credited with revolutionizing the modern commodity trading industry. [16], Glasenberg has served an executive director of Xstrata Plc (since 2002); and as a non-executive director of Minara Resources Ltd (since 2000); of Rusal Plc (since 2007); and Century Aluminum Co. (between 2010–2011). © 2020 Forbes Media LLC. The financial services giant will partner with Glencore International in metals and metals derivatives trading. Billion-dollar offerings had a decidedly foreign flavor in 2011. In order to be listed among these [...], This story is so breathless, so hysterical in its fulminating outrage, that at first I took it as a joke. Ivan Glasenberg would rather The wealthiest woman on the list Wendy Appelbaum with an estimated net worth … But no, this is The Guardian and it's not April 1 st so they do mean it. 2 spot with a net worth of $7.2 billion, thanks to Glencore's IPO in May, which valued the company at $59 billion. Glasenberg joined Glencore in 1984, working in the coal department in South Africa and Australia. All Rights Reserved. With exports of manufactured goods to the U.S. shrinking, the Chinese government is falling back on a well-used plan of bolstering the country's economy by encouraging domestic construction. It leads a metals climb that has restored a few Aussie fortunes. Davis left the company in July 2013. 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. [2] In 2017 the Financial Review Rich List assessed Glassenberg's net worth at A$6.85 billion. The Corporate and Other segment represents Group related income and expenses. After earning his MBA from the USC, Glasenberg started working as a marketer in the coal department of Marc Rich & Co. in his native South Africa. 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The family lived in Ilovo, a suburb of Johannesburg. [14] 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,[15] with a 3.05 Glencore to 1 Xstrata Share exchange to create the new entity Glencore Xstrata with Glasenberg becoming CEO. [11], 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. Sources: Factset, Bloomberg, S&P Cap IQ; Forbes. Businesses that have taken very public positions on the need to tackle climate change are often represented by trade bodies that lobby for the exact opposite. Our data indicates that Glencore plc is worth UK£30b, and total annual CEO compensation was reported as US$1.5m for the year to December 2018. [5] His father, Samuel Glasenberg, was "a luggage manufacturer and importer born in Lithuania", and his mother, Blanche Vilensky, was South African. Glencore's 2011 IPO minted six billionaires: four years later only CEO Ivan Glasenberg still has that status at the company. The headline: How £50m in UN food aid for starving went to buy [...]. He was named CEO in 2002. spend his time building his commodities The [...]. [18], When Glencore floated via an initial public offering in May 2011, it was reported that Glasenberg personally earned billions. Despite denials from Glencore Xstrata, the company Glasenberg heads, that [...]. Glencore and its billionaire CEO, Ivan Glasenberg, have been trying to buy Xstrata for a while, but the rise of Qatari Holdings, an arm of the Middle Eastern nation's sovereign wealth fund, promises to block the deal unless Glencore coughs up more money. Glasenberg was with Nexia Levitt Kirson, a firm of chartered accountants, for five years and is a Chartered Accountant, South Africa [CA (SA)]. There's not much to get excited about in the short term when it comes to the global economy. In 2013 he replaced Mick Davis as CEO of the merged Glencore Xstrata, with a salary of an undisclosed amount. Now a $2 trillion group of investors has called out European companies and urged them to ensure trade bodies adopt a climate-friendly stance. [12] 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. Ivan Glasenberg, CEO of commodities trading giant Glencore International, not only joins our list for the first time but does so in style, landing the No.