Nagle is known by some as “mini-Ivan", is also South African and attended the same university as Glasenberg, Witwatersrand in Johannesburg.
Today’s announcement came as Glencore said it planned to reach net zero carbon emissions by 2050 by prioritising investment in commodities such as copper and cobalt instead of coal.
Chairman Tony Hayward said Nagle had been on the board’s radar for “more than several years”, adding: "We are confident that he has the right skill set and qualities to lead the Glencore of tomorrow.
“As Ivan hands over to Gary, he does so at a time of huge change. As the world moves to recover from the impacts of the COVID-19 pandemic, while also addressing the challenge of climate change, our industry has a significant opportunity to contribute to the economic recovery by providing commodities essential to the transition to a low-carbon economy."
Nagle said: “I am grateful for the trust placed in me by the Board and honoured to be appointed CEO at such an exciting time for Glencore. We will continue to deliver value to our shareholders, while operating safely and responsibly.”
