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The Glencore Plc headquarters in Zug, Switzerland. Photographer: Jose Cendon/Bloomberg
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The head of Glencore Plc’s oil and gas trading team is planning to leave the company, becoming the latest high profile departure from one of the world’s biggest commodity traders.
Alex Sanna, who has been at the company for almost 20 years, will leave at the end of this year after deciding to step down, according to an internal memo seen by Bloomberg News. He will be replaced by Maxim Kolupaev, who currently leads LNG, gas and power trading.
Sanna’s departure is the latest in a series of senior exits from Glencore’s trading business.
Bloomberg reported last month that coal-trading head Ruan van Schalkwyk is retiring, days after reporting one of the worst performances from its energy- and coal-trading unit on record. Jason Kluk, Glencore’s head of nickel and ferroalloy trading, left the company last November, while Sam Imfeld, a longstanding trader in Glencore’s aluminum and alumina team, left for rival Vitol Group earlier this year.
While Glencore’s energy desk had a bruising first half, its metals traders notched up their best half-yearly performance on record.
A Glencore spokesman declined to comment. Reuters earlier reported Sanna’s departure.
Other senior traders have also been targeted by rivals. Bloomberg previously reported that head of iron ore trading Peter Hill and Jyothish George, who was since promoted to head of metals, iron ore and coal trading, both had job offers from Vitol last year, before deciding to stay at Glencore.
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