( 3 minutes read)
· The billionaire metals trader and Glencore executive, Daniel Mate, is retiring from the company and handing over trading of zinc and lead to Nick Popovic.
· Mate is Glencore’s fifth-largest shareholder.
· He has already handed over most of his responsibilities, according to people, who are aware of the developments
The billionaire metals trader and Glencore executive, Daniel Mate, is retiring from the company and handing over trading of zinc and lead to Nick Popovic.
Mate is Glencore’s fifth-largest shareholder. He has already handed over most of his responsibilities, according to people, who are aware of the developments. As recently as late week, Mate resigned from the board of Volcan Cia Minera SAA, a Latin American mining group in which Glencore has a big stake. He was replaced by Popovic.
Mate has worked for 32 years at Glencore. Several of the billionaire traders of Glencore had already resigned in the past two years including former head of copper trading Telis Mistakidis, head of oil Alex Beard and head of agriculture Chris Mahoney.
Mate, a Spaniard\ in his late fifties, controls a 3.41% stake in Glencore, valued at current prices at just over US$1 billion. His wealth has diminished as the company’s share price plunged from 530 pence in 2011 to 180 pence now. Only Glasenberg controls a larger stake among the top executives. Glencore is the world’s largest commodity trader, dominating transactions in most industrial metals, including copper, zinc and aluminum.
