UPDATE 1-Glencore CEO Ivan Glasenberg plans to retire in 3-5 years - Bloomberg
(Adds details on succession, stake, background)
Oct 22 (Reuters) - Glencore Chief Executive IvanGlasenberg has told investors he plans to retire from thecommodities trader and miner in three to five years, Bloombergreported on Monday.
Glasenberg has started training three to four people tosucceed him in the job, but did not disclose the shortlist ofcandidates, Bloomberg reported, citing people familiar with thematter.
Glasenberg, who is also the company's second-largestshareholder with a 8.56-percent stake, according to RefinitivEikon data, said in recent investor meetings he would not sellhis shares after retiring, Bloomberg added.
A spokesman for Glencore declined to comment on the report.
Glasenberg joined Glencore in April 1984 and has held thetop job at the company's Swiss HQ since 2002. Growing up inSouth Africa during apartheid, he worked his way to the chiefexecutive's post over a quarter of a century.
After earning an MBA at the University of SouthernCalifornia in 1984, Glasenberg was hired as a coal trader inSouth Africa. His rise also included positions in Australia,Hong Kong and Beijing.
The London-listed company posted record earnings forJanuary-June -- building on 2017 full-year results it said werethe best yet -- but also that higher costs and lower prices forcobalt and other byproducts ate into profits.
Glencore's share price has come under additional pressurefrom its exposure to Democratic Republic of Congo (DRC) and aU.S. Department of Justice (DoJ) investigation.
(Reporting by Arathy S Nair in BengaluruEditing by David Evans and Helen Popper)
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