Glencore's head of oil, Alex Beard, who helped make the firm one of the wor...
LONDON - Glencore’s head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said on Monday in yet another management shake-up amid U.S. probes into its activities.
Beard, 52, will be replaced by the head of oil marketing, Alex Sanna, who was key in expanding Glencore’s refined products trading in recent years. Sanna’s trading division will report to chief executive Ivan Glasenberg, but oil assets, previously under Beard, will be transitioned to Peter Freyberg, the head of industrial assets.
Glasenberg is the largest shareholder of Glencore, with 8.8%, and built the firm from predominantly a trading house into a mining giant via its merger with Xstrata in 2012. He has said he may retire within the next three to five years. A previous U.S. probe nearly destroyed Marc Rich in the 1980s when the United States accused the company of “trading with the enemy”, Iran. It indicted Rich, who was pardoned years later by President Bill Clinton in 2001 during Clinton’s last days in office. Rich died in 2013.
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