Glencore oil head Alex Beard retires amid U.S. investigations [Toronto Globe and Mail (Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Toronto Globe and Mail
Glencore oil head Alex Beard retires amid U.S. investigations 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. Glencore, founded by trader Marc Rich, has come under U.S. scrutiny in the past year over its business in the Democratic Republic of Congo, where it produces cobalt and copper, and in Venezuela and Nigeria, where it trades oil and refined products. Beard, 52, will be replaced by the head of oil marketing, Alex Sanna, 37, who was key in expanding Glencore’s refined products trading in recent years. Story continues below advertisement Beard’s move follows the retirement of other top allies of Glasenberg - Chris Mahoney, the long-serving head of Glencore’s agricultural business, and Aristotelis Mistakidis, the head of copper. Glencore is worth $44 billion and Mistakidis held a 3.2 per cent stake i
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