Glencore’s head of oil is to retire, the second of Ivan Glasenberg’s top lieutenants to leave the trading group as it fights to resolve a US investigation into possible bribery and corruption.
Alex Beard’s sudden departure follows the exit of Glencore’s top copper executive Aristotelis Mistakidis in December, and marks a further break-up of the close-knit club of billionaire traders that have run the company since a management buyout in 1993.
Glencore offered no explanation for the retirement of Mr Beard, 51, but analysts and investors said his departure may be designed to help pave the way for a settlement with the US Department of Justice. Mr Beard declined to comment.
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