The head of Glencore Plc’s huge coal-trading operation is leaving in the biggest shake-up of the trading unit in years, at a time when the commodity giant is struggling to revive its share price.
The company, which traces its roots to the legendary commodity trader Marc Rich, has been reviewing its mining and smelting assets and recently unveiled a $1 billion cost cutting target. On Wednesday, it disappointed investors with weak results for the first half of the year that included one of the worst performances from its energy- and coal-trading unit on record.
Glencore is reshuffling its trading team as Ruan van Schalkwyk, 42, a longstanding executive who runs coal trading, is retiring, according to a memo from Chief Executive Officer Gary Nagle that was seen by Bloomberg News. Glencore is the world’s largest shipper of coal.
Jyothish George, currently head of copper and cobalt trading, will take on a wider role as head of metals, iron ore and coal trading, according to the memo. Several trading executives who currently report to Nagle will now report to him, including Peter Hill, the head of iron ore, and Robin Scheiner, head of alumina and aluminum.
Alex Sanna, who runs oil, gas and power trading, will continue to report to Nagle.
Under George, trading responsibilities are being reassigned. David Thomas, currently head of ferroalloys trading, will take over thermal coal. Paymahn Seyed-Safi will have responsibility for chrome as well as nickel; and Hill will take over responsibility for metallurgical coal, vanadium and manganese as well as iron ore.
The changes come after Glencore’s trading teams reported starkly different results for the first half of the year. The company’s metals traders notched up their best half-yearly performance on record, while their energy and coal-trading peers struggled to even turn a profit.
Van Schalkwyk ran ferroalloys trading before being appointed to lead the crucial coal book in 2021. For many years he was seen as a rising star within Glencore: when he was first elevated to a leadership role in 2018 he was described by then-CEO Ivan Glasenberg as part of “the new generation of the company.”
Glencore has recently significantly expanded its presence in the metallurgical coal market with its acquisition of Teck Resources Ltd.’s coal business. Nagle said in the memo that the reorganization would help align trading teams with the customers for different sets of commodities.
“We now feel the time is right to merge our steelmaking coal marketing activities with our iron ore business due to their overlapping customer bases,” he said.
Glencore shares rose 2.7% in London on Friday. The stock has dropped 19% this year.
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