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Glencore ceo Ivan Glasenberg, alongside Wolfensberger’s iron ore co-head Mark Eames, will take responsibility for the iron ore division in Wolfensberger’s absence, Steel First understands.
Wolfensberger will remain co-head of the iron ore business during his leave, the length of which has not been specified, sources said.
There has been confusion in the market as some people understood that Wolfensberger had left the trader, although sources close to Glencore insist that he is taking time out for personal reasons and will return to normal duties.
Wolfensberger, a Glencore veteran of about 20 years’ standing, was appointed co-head of the iron ore division when it was set up at the beginning of 2012.
He previously worked in the company’s nickel and ferroalloy businesses.
The Swiss national had a $580 million holding in Glencore in 2011, when the world’s largest commodity trading house went public in a multi-billion-dollar initial public offering (IPO).
The company’s iron ore team, which has 15-20 traders in its Switzerland headquarters alone, now trades about 60 million tonnes of iron ore a year.