Ivan Glasenberg says there will be a generational shift at the top of Glencore over the next few years, suggesting a period of upheaval for the world’s largest commodities trader that is unprecedented in its short history as a public company.

Glasenberg says he is actively looking for the next CEO and plans to retire in the next three to five years. He has also announced the retirement of two top lieutenants and spoken more about the issue of succession than he has ever done in public before.

“It comes a time when the younger generation needs to take over,” says Glasenberg, who turns 62 in January. “When I go, I hope it’ll be a 45-year-old who will take over.”

Asked recently what the next CEO should look like, he said: “I hope he looks like me.”

The comments show that Glencore is preparing for major leadership changes at a time it faces some of its toughest legal challenges. The company has come under intense pressure following a string of investigations into its dealings in the Democratic Republic of Congo, one of the poorest and most corrupt countries in the world.

It is the first time that Glasenberg has publicly spoken about a shortlist of successors, which will spark speculation on who could be a candidate. In the past, the CEO said he would stay until pushed out by a younger, hungrier trader in Glencore’s dog-eat-dog culture. In 2013, he told Bloomberg News there were no talks about succession.

Glasenberg, a workaholic, straight-talking South African who has become the public face of the commodities trading industry, has led Glencore for nearly two decades, together with a small group of top traders.

“Do I think it will change with me leaving? I don’t think so,” Glasenberg says.

The eventual leadership change also presents another risk. Glasenberg is Glencore’s second-largest shareholder and Mistakidis its sixth-largest, according to Bloomberg data. Together, Glencore’s management, who listed the commodities trader in 2011, still own about 30% of the shares.

The stock plunged 23% in 2018, underperforming the broader FTSE 350 Mining Index.

“I don’t think there’ll be an overhang,” Glasenberg says of the departing executives. He says he will not sell any shares while at Glencore or within three years of leaving.

Whoever takes over the reins should be about 45 years old at the time of the succession, Glasenberg says, implying that none of the top traders who took the company public are likely to be chosen successor.

Possible Candidates

The reshuffle in December hinted at who could be on the shortlist. Gary Nagle, previously head of the company’s ferroalloys assets, was appointed to run its massive coal mining division. Nico Paraskevas, a senior trader, was elevated to run copper trading for the world’s top supplier of the red metal. Others who would fall into the right age bracket include Kenny Ives, head of nickel trading, and Jyothish George, head of iron-ore.

Still, Glasenberg seems determined to keep the market – and Glencore’s staff – guessing. He said in December not all the frontrunners for the job were currently running business lines at the company, suggesting that Glencore watchers would need to keep a close eye on promotions at the company over the next year or two.

“I’ve got my eye on a few guys. There [are] three to four guys who could potentially be there,” he said. “Do I see any woman in that pack today? No.

“In three to four years, there may be a woman in that pack,” he added.