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Empresas y finanzas

Glencore executive in first key departure since IPO: report


    (Reuters) - Glencore, the world's largest commodities trader, will lose Steven Blumgart, one of its most senior executives, in the first significant departure since the company went public last year, the Financial Times newspaper reported on Thursday.

    Reuters could not immediately reach Glencore officials for comment outside regular business hours.

    Blumgart, who is co-head of aluminum trading and a member of the 13-strong management panel that runs Glencore's day-to-day business, will leave within the year, the paper said on its website, quoting people familiar with the matter.

    Gary Fegel, who until now has been co-head of aluminum, will take sole responsibility for the commodity, with Matthew Lucke and Andrew Caplan becoming deputies with responsibilities for aluminum and alumina, respectively, the paper added.

    Aluminum prices fell towards $1,950 last month, their lowest since July 2010, as concerns that Europe's debt crisis could spiral out of control hit industrial metals, but production cutback news has helped give sentiment a boost since.

    Glencore , which floated shares at 530 pence last May, closed Wednesday up 2.5 percent around 406.41, or 23 percent off the IPO price.

    (Writing by Clarence Fernandez; editing by Miral Fahmy)