The headquarters of the Swiss commodities giant Glencore are seen on March 3, 2011 in Baar.
After the float the company will be valued at roughly $60 billion, from whence we derive these seven new mega-fortunes.
1. CEO Ivan Glasenberg will have 1.09 billion shares, or 15.8% of the company, for a net worth of $9.5 billion. Glasenberg would tie for 93rd wealthiest person on Forbes list of Global Billionaires, alongside Russia’s fertilizer king Dimitry Rybolovlev and just after another Russian, German Khan. Glasenberg’s salary this year is 925,000 pounds sterling.
2. Daniel Francisco Mate Badenes: $3.6 billion (416.4 million shares, or 6%).
3. Aristotelis Mistakidis: $3.6 billion (411.8 million shares, or 6%).
4. Tor Peterson: $3.2 billion (366.3 million shares, or 5.3%).
5. Alex Beard: $2.76 billion (320.5 million shares, or 4.6%).
6. Steven Kalmin: $600 million (70.7 million shares, or 1%).
7. And then there’s the mysterious “selling shareholder” who is parting with 238.8 million shares in the IPO (or 4%), worth $2.4 billion. My suspicion is that this is former CEO and departing Chairman Willy Strotthote. [UPDATE: My suspicion was at least partially wrong. Glencore spokesman Simon Buerk explains: "The selling shareholder is a corporate entity that groups together the shares being sold by existing shareholders to cover their tax liabilities. No mystery." No word on what Strotthote's holdings are.]
Who are these other guys? Here’s how the prospectus decribes our soon-to-be billionaires:
Ivan Glasenberg, aged 54 (Chief Executive Officer)
Ivan Glasenberg joined Glencore in April 1984 and has been Chief Executive Officer of Glencore since January 2002. Mr Glasenberg was appointed to the Board on 14 March 2011. Mr Glasenberg first worked in the coal/coke commodity department in South Africa for three years as a marketer, responsible for sourcing coal in South Africa and then in Australia for two years as head of the coal/coke commodity division, Asia, responsible for sourcing and marketing coal in regions including Australia, Asia and South Africa. Between 1988 and 1989, he was based in Hong Kong as manager and head of Glencore’s Hong Kong and Beijing offices, as well as head of coal marketing in Asia, where his responsibilities included overseeing the Asian coal marketing business of Glencore and managing the administrative functions of the Hong Kong and Beijing offices. In January 1990, he became director of the coal/coke commodity department, responsible for the worldwide coal business of Glencore for both marketing and industrial assets, and remained in this role until he became Chief Executive Officer in January 2002. Mr Glasenberg is a Chartered Accountant of South Africa and holds a Bachelor of Accountancy from the University of Witwatersrand. Mr Glasenberg also graduated in 1983 from the University of Southern California with an M.B.A. degree. He is currently a director of Minara as well as Xstrata and UC Rusal. Before joining Glencore, he worked for five years at Levitt Kirson Chartered Accountants in South Africa. (For more on Glasenberg and Glencore’s history, see this story.)
Daniel Francisco Mate Badenes, aged 47 (co-director zinc/copper/lead commodity department), joined Glencore in October 1988, starting in Glencore’s Madrid office, gaining expertise in metals transactions and logistics in Spain and North Africa. After three years in Madrid, he joined the zinc/lead commodity department in Switzerland in August 1991, which merged with the copper department in February 2002, where he was responsible for the zinc and lead concentrates desk for Spain, North Africa and South America, before being appointed in charge of worldwide zinc and lead concentrates marketing. Mr Mate has been co-director of the zinc/copper/lead commodity department since February 2000, jointly overseeing the marketing business and industrial assets of the department, including strategy and operations. He is also a director of Volcan. Mr Mate holds a Bachelors degree in economics from Universidad Comercial de Deusto, Spain and a Bachelors degree in law from Deusto University of Spain.
Aristotelis Mistakidis, aged 49 (co-director zinc/copper/lead commodity department), joined Glencore in March 1993 in the zinc/lead commodity department, which merged with the copper department in February 2002, where he was responsible for, and gained expertise in, price and risk management and zinc and lead marketing. He has been co-director of the zinc/copper/lead commodity department since February 2000, jointly overseeing the marketing business and industrial assets of the department, including strategy and operations. He is also a director of Katanga and Recylex and is chairman of Mopani. Mr Mistakidis holds a B.Sc. Economics degree from London School of Economics. Before Glencore, he worked at Cargill for six years, where he worked in and gained experience in the non-ferrous metals industry.
Tor Peterson, aged 46 (director coal/coke commodity department), joined Glencore in January 1992 as a marketer and has been working in the coal/coke commodity department ever since, gaining expertise in marketing and coal assets, responsible for various regions including Colombia, Russia and Europe. In January 2002, he was appointed as director of the coal/coke commodity department, succeeding Ivan Glasenberg who moved into the Chief Executive Officer role, and he is responsible for overseeing the global marketing business and industrial assets of the department, including strategy and operations. Mr Peterson holds a Bachelor degree in political science and French from Duke University. Before Glencore, he worked for five years for Phibro-Salomon Inc. as a marketer, being based in New York, London and the Ivory Coast.
Alex Beard, aged 43 (director oil commodity department), joined Glencore in May 1995 working in the oil commodity department as a marketer, responsible primarily for the CIS region and gaining expertise in high sulphur crudes. He was appointed director of the oil commodity department in February 2007, overseeing all of Glencore’s crude oil and oil products marketing, shipping, exploration and production and other oil-related investments, as well as being a director of Chemoil and various other Glencore Group companies. Mr Beard holds an MA degree in biochemistry from Oxford University. Before Glencore, he worked for five years for BP in its crude oil department.
Steven Kalmin, aged 40 (Chief Financial Officer)
Steven Kalmin joined Glencore in September 1999, starting in the Sydney office in Glencore’s coal industrial unit, which was subsequently sold to Xstrata, as general manager of finance and treasury functions. Mr Kalmin was appointed to the Board on 14 March 2011. Mr Kalmin moved to Glencore’s Baar head office in October 2003 to oversee Glencore’s accounting and reporting functions and became Chief Financial Officer as of the end of June 2005. Mr Kalmin holds a Bachelor of Business from the University of Technology, Sydney and is a member of the Institute of Chartered Accountants of Australia and the Financial Services Institute of Australasia. He is also currently a director of various companies within the Glencore Group. Before joining Glencore, he worked for nine years at Horwath Chartered Accountants in Sydney, leaving the firm as a director.
There’s likely even more billionaires being minted here among Glencore’s upper ranks, executives with holdings that fall in between Mr. Beard’s 4.6% and Mr. Kalmin’s 1%. Kalmin’s holding was disclosed only because of his position as a director the company. Other potential billionaires include Steven Blumgart and Gary Fegel, the co-heads of the aluminum business as well as Christian Wolfensberger and Stuart Cutler, the co-heads of the ferroalloys, nickel and cobalt business, and Chris Mahoney, head of the agricultural products business.
More insights to come as we continue to digest the prospectus.
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