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LONDON (Reuters) - 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, who was key in expanding Glencore’s refined products trading in recent years. Sanna’s trading division will report to chief executive Ivan Glasenberg, but oil assets, previously under Beard, will be transitioned to Peter Freyberg, the head of industrial assets.
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% stake in the company, worth $1.4 billion at current prices, while Beard held a 2.5% stake worth $1.1 billion.
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