Ivan Glasenberg, the boss of commodities giant Glencore Plc, says he will retire next year. At least partly reassured by the news and dividend promises, investors responded by pushing the stock to its highest level since February. Completing the handover demands a refreshed board, too, with new faces to keep his ascendancy in check and to support the stated shift of this coal producer and oil trader to a greener outlook. That should begin with a new chairperson to replace Tony Hayward, the former BP Plc chief executive, who has been on Glencore’s board since 2011. A revamped board, beginning with a new chair to replace an incumbent steeped in fossil fuels, would be the clearest signal yet.

Source: News 24 December 07, 2020 16:18 UTC