Ivan Glasenberg, co-founder and chief executive of Glencore, delights in telling his rivals in the commodities industry that they are wrong, and in trying to prove it by running his business differently. So it takes quite an upheaval to persuade Mr Glasenberg that he, and not someone else, is mistaken.
Mick Davis’s departure from Glencore-Xstrata without serving a six-month transition period at the merged company is a classic dog-bites-man story. It looked inevitable even when my colleague Helen Thomas and I met him in January for an interview, but the Xstrata chief executive and cricket fan played a straight bat to questions about whether he would sit patiently in his office after what he plainly described as a takeover by Glencore. Read more
Much has been made of the independence or otherwise of Glencore’s non-executive directors and of the inappropriate and unhelpful remarks of its chairman, Simon Murray, about women in the boardroom (there are none in Glencore’s*).
But I wonder how strong a challenge even the most independent directors can mount to hardened executives who are steeped in the Glencore corporate culture. Read more