CORRECTED-UPDATE 1-Glencore's head of oil, Alex Beard, retires amid U.S. probes

(Corrects Sanna's reporting lines in third paragraph)
* Beard, 52, helped turn Glencore into top 3 oil trader
* Follows retirement of Glencore's agri, copper heads
* DOJ probe focuses on DRC, Nigeria, Venezuela

By Dmitry Zhdannikov
LONDON, June 3 (Reuters) - Glencore's GLEN.L head of oil,
Alex Beard, who helped make the firm one of the world's top
three oil trading houses, will retire this month, the company
said on Monday in yet another management shake-up amid U.S.
probes into its activities.
Glencore, founded by trader Marc Rich, has come under U.S.
scrutiny in the past year over its business in the Democratic
Republic of Congo, where it produces cobalt and copper, and in
Venezuela and Nigeria, where it trades oil and refined products.
Beard, 52, will be replaced by the head of oil marketing,
Alex Sanna, who was key in expanding Glencore's refined products
trading in recent years. Sanna's trading division will report to
chief executive Ivan Glasenberg, but oil assets, previously
under Beard, will be transitioned to Peter Freyberg, the head of
industrial assets.
Beard's move follows the retirement of other top allies of
Glasenberg - Chris Mahoney, the long-serving head of Glencore's
agricultural business, and Aristotelis Mistakidis, the head of
copper.
Glencore is worth $44 billion and Mistakidis held a 3.2%
stake in the company, worth $1.4 billion at current prices,
while Beard held a 2.5% stake worth $1.1 billion.
Glasenberg is the largest shareholder of Glencore, with
8.8%, and built the firm from predominantly a trading house into
a mining giant via its merger with Xstrata in 2012. He has said
he may retire within the next three to five years.
Glasenberg, 62, revealed his retirement plans a few months
after news broke about U.S. investigations into Glencore.
Last July, Glencore said it had received a subpoena from the
Department of Justice (DOJ) requesting documents and records on
compliance with the U.S. Foreign Corrupt Practices Act and
money-laundering statutes.
A previous U.S. probe nearly destroyed Marc Rich in the
1980s when the United States accused the company of "trading
with the enemy", Iran. It indicted Rich, who was pardoned years
later by President Bill Clinton in 2001 during Clinton's last
days in office. Rich died in 2013.
Sources told Reuters the current DOJ investigation was
focusing on the role of intermediaries and how they helped
Glencore obtain contracts, including in oil trading.
In April, Glencore said the U.S. Commodity Futures Trading
Commission was also investigating whether the company and its
units may have violated certain regulations through "corrupt
practices".
The company said that probe was at an early stage and had a
scope similar to that of the DOJ investigation.