Ivan Glasenberg joined the company just as Mark Rich fled the United States to Switzerland and renounced to its American citizenship.
Glasenberg first post was coal trader in Johannesburg.
At that time, the company’s core business was supplying oil to the apartheid regime of South Africa before and during the UN embargo.
In 1991 Ivan Glasenberg had caught Mark Rich attention and was brought to Switzerland.
Over the next decade Ivan Glasenberg became a trusted member of the inner circle.
The pardon of Marc Rich by the U.S Government, did not include the company.
In 1994 Marc Rich stepped down as a CEO and sold its 51 percent shares to the management.
The company was renamed Glencore.
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