Glencore Plc is undertaking its biggest shake-up of its trading division in years, with the head of its coal-trading operation, Ruan van Schalkwyk, set to retire. The move comes as the commodity giant grapples with a 19% share price drop this year and a disappointing first-half performance, particularly in its energy and coal-trading unit.
Van Schalkwyk, 42, a long-serving Glencore executive, took over the coal portfolio in 2021 after leading ferroalloys trading. He was once touted by former CEO Ivan Glasenberg as part of the company’s “new generation” of leaders. Glencore remains the world’s largest shipper of coal.
In a memo to staff, CEO Gary Nagle announced that Jyothish George—currently head of copper and cobalt trading—will take on a broader role as head of metals, iron ore, and coal trading. Several senior traders will now report directly to George, including Peter Hill (iron ore) and Robin Scheiner (alumina and aluminum).
Restructuring of Responsibilities
- Thermal Coal: David Thomas, head of ferroalloys trading
- Chrome & Nickel: Paymahn Seyed-Safi
- Metallurgical Coal, Vanadium, Manganese & Iron Ore: Peter Hill
Alex Sanna will continue to lead oil, gas, and power trading, reporting directly to Nagle.
The restructuring follows mixed results from Glencore’s trading teams: metals traders delivered a record first-half performance, while energy and coal trading struggled to break even. The changes also coincide with Glencore’s expanded role in metallurgical coal following its acquisition of Teck Resources Ltd.’s coal business.
Nagle said the reorganization will better align trading teams with shared customer bases: “We now feel the time is right to merge our steelmaking coal marketing activities with our iron ore business due to their overlapping customer bases.”
Glencore shares rose 2.7% in London on Friday following the announcement.