Commodities trader Trafigura revamps senior leadership across divisions

Jeremy Weir is staying in his roles

Jeremy Weir is staying in his roles

19th September 2023

By: Reuters


Font size: - +

Global commodities trader Trafigura has reshuffled some of its senior leadership positions, the company said on Tuesday, with the need to replace outgoing chief operations officer and board member Mike Wainwright leading to a wider revamp.

The moves are likely to give the company's energy trading units more power at a senior level given poor performance in metals over the past couple of years, several sources familiar with the matter told Reuters.

Wainwright's departure was announced in April after Trafigura's metals division booked a $590-million impairment in its October-March financial results due to alleged nickel fraud.

CEO and executive chairman Jeremy Weir will keep both of his roles while Ben Luckock has become the sole head of oil trading. Gonzalo De Olazaval will be the sole head of metals and bulk commodities while Richard Holtum will add renewables to his existing gas and power responsibilities, the company said.

Geneva-based Trafigura is a major industrial metals trader and the world's second biggest independent oil trader.

The management committee will be renamed executive committee and led by Weir and executive director Jose Larocca. The committee includes the three division heads and the three people taking over Wainwright's responsibilities: CFO Christophe Salmon, Emma Stroud as new COO and Ignacio Moyano, who takes on the newly created role of chief risk officer.

Trafigura said four executives - Hadi Hallouche, Kostas Bintas, Julien Rolland and Jesus Fernandez - who were on the old management committee would not be in the new one.

Hallouche, who was one of the three co-heads of oil with Luckock and executive director Jose Larocca, will remain CEO of fuel arm Puma Energy. Kostas Bintas, who was co-head of metals and bulk, stays as head of aluminium and copper and Jesus Fernandez will remain head of mergers and acquisitions.

Julien Rolland will lead strategic projects including the Lobito rail corridor in Angola and a hydrogen project in Denmark.

Bintas and De Olazaval are currently involved in a lawsuit against Prateek Gupta, in which Trafigura alleges "systematic fraud" over nickel cargoes. Gupta denies the allegations.

Edited by Reuters




John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...


Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.172 0.215s - 122pq - 2rq
1: United States
Subscribe Now
2: United States