Gary Nagle

Gary Nagle (born 1975) is a South African business executive who has served as Chief Executive Officer of Glencore plc, the multinational commodity trading and mining company, since July 1, 2021. He succeeded Ivan Glasenberg, who had led the company for 19 years.

Nagle inherited leadership of one of the world's largest commodity traders during a period of intense scrutiny. Shortly after taking the helm, Glencore pleaded guilty to bribery and corruption charges in the United States, United Kingdom, and Brazil, agreeing to pay approximately $1.5 billion in penalties—the largest fine ever imposed on a company in a UK court. Nagle has maintained he had no knowledge of the misconduct, which occurred before his appointment as CEO.

Early life and education

Gary Nagle was born in 1975 in South Africa. He attended the University of the Witwatersrand in Johannesburg, where he earned degrees in commerce and accounting. He qualified as a chartered accountant in South Africa in 1999.

Career

Glencore (2000–present)

Nagle joined Glencore in 2000 in Switzerland as part of the coal business development team. His early work focused on seeding a portfolio of assets to Xstrata in 2002, coinciding with its initial listing on the London Stock Exchange.

Rise through the ranks

His progression through Glencore included significant international assignments:

• 2000–2007: Various roles in coal business development and asset management
• 2007–2013: Chief Executive of Prodeco, Glencore's Colombian coal operation
• 2013–2018: Head of South Africa-focused alloy assets (following Xstrata acquisition)
• 2018–2021: Head of global coal assets portfolio

Following the 2013 acquisition of Xstrata, Nagle moved to run the company's South Africa-focused alloy assets. In 2018, he was named head of Glencore's entire global coal assets portfolio, positioning him as a potential successor to Glasenberg.

Appointment as CEO

In December 2020, Glencore announced that Nagle would succeed Ivan Glasenberg as CEO, effective July 1, 2021. Glasenberg had led the company through its transformation from a commodity trading business into one of the world's largest globally diversified natural resource companies.

Upon his appointment, Nagle relocated from Australia, where he had been based, to Switzerland, where Glencore's headquarters are located in Baar.

Leadership challenges

Nagle's tenure has been marked by navigating the aftermath of Glencore's corruption scandal while positioning the company for the energy transition. Under his leadership, Glencore has maintained its position as a major coal producer while also investing in metals critical for electric vehicles and renewable energy technologies.

Personal life

Nagle maintains a private personal life. Details about his wife and family are not publicly disclosed. As of August 2023, he held a personal stake of approximately 2 million Glencore shares, representing 0.016% ownership and valued at approximately $12 million.

Controversies

Glencore bribery and corruption scandal

The most significant challenge of Nagle's tenure has been managing the fallout from Glencore's decade-long bribery scheme that predated his appointment as CEO.

In 2022, Glencore pleaded guilty to bribery charges and agreed to pay approximately $1.5 billion in penalties to authorities in the United States, United Kingdom, and Brazil:

• United States: Approximately $1.1 billion in penalties and forfeiture following cases brought by the Department of Justice and Commodity Futures Trading Commission. The CFTC described it as "the highest civil monetary penalty and highest disgorgement amount in any CFTC case" in history.
• United Kingdom: Glencore Energy (UK) Ltd was sentenced to pay £281 million—the largest penalty ever handed down to a company in a UK court—after pleading guilty to seven charges of bribery related to operations in Cameroon, Côte d'Ivoire, Equatorial Guinea, Nigeria, and South Sudan from 2011 to 2016.
• Brazil: Additional penalties as part of the settlement.

The US Department of Justice stated the bribery-related enforcement action followed a "decade-long scheme by Glencore and its subsidiaries to make and conceal corrupt payments and bribes through intermediaries for the benefit of foreign officials across multiple countries." Between 2007 and 2018, the company paid approximately $80 million to third-party intermediaries to secure business with state-owned or state-controlled entities in several African and Latin American countries, including Nigeria, Cameroon, Brazil, and Venezuela.

Nagle's response

Nagle has consistently maintained he had no knowledge of the corruption. In August 2022, he told journalists: "I was not involved and had no idea about any of the misconduct and incidents that have been uncovered as a result of this investigation."

He stated: "This type of behaviour has no place in Glencore, and the board, management team and I are very clear about the culture that we want and our commitment to be a responsible and ethical operator wherever we work."

Investor lawsuit

Nearly 200 investment funds—including funds from Fidelity, Vanguard, Legal & General, HSBC, Abrdn, and Invesco—are seeking damages from Glencore over allegations that the company and its senior management made misleading statements that covered up corrupt activities. The plaintiffs allege they "incurred loss" as a result of "untrue statements" and omissions in Glencore's 2011 London listing prospectus and the subsequent 2013 prospectus for its merger with Xstrata.

Activist investor pressure

Activist hedge fund Bluebell Capital Partners has called on the board to fire Nagle and begin the search for a successor. Partner Giuseppe Bivona wrote that they had "lost trust and confidence in Mr. Nagle" despite his denial of involvement in the corruption. The fund argued that as head of coal operations during part of the period covered by the investigation, Nagle should have been more aware of potential misconduct.

Ongoing investigations

Separate investigations into alleged corruption at Glencore remain ongoing in Switzerland and the Netherlands.

Board memberships

• Glencore plc – Board of Directors (Executive Director)
• Aker BP ASA – Board of Directors (former member)