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Glencore shakes up management; copper chief Mistakidis to retire
[LONDON] Glencore Plc announced a shakeup of its top management, including the retirement of Aristotelis Mistakidis, the company's head of copper marketing and one of its biggest individual shareholders.
The company, which will hold an investor call later, also revised its forecast for 2018 core profit in the trading division to US$2.7 billion, plus or minus US$100 million.
Mr Mistakidis's retirement marks the end of an era at Glencore. A titan in the world of commodities trading, he's come under intense pressure following a string of investigations, problems and legal headaches.
It's been a tough year for Glencore, with challenges spanning from the Democratic Republic of Congo to Russia and a US Department of Justice probe. The company had previously said it expected full-year earnings from trading to be at the top end of its US$2.2 billion to US$3.2 billion range.
Glencore expects to keep copper production costs in check next year, but nickel is a different story, with production expenses set to more than double. The company is among large miners that have reported pressure from rising costs that are biting across the sector.
Glencore shares pared some gains after the announcement to trade 3.5 per cent higher. The stock has dropped 23 per cent this year.