Richard Holtum to become Chief Executive Officer from 1 Jan 2025 - Jeremy Weir to become Chairman

Pictured from left to right, Richard Holtum and Jeremy Weir

Singapore, 24 September 2024 - Trafigura Group Pte Ltd (“Trafigura”) today announces that Richard Holtum will become Chief Executive Officer (CEO) of Trafigura, effective 1 January 2025 and will join the Trafigura Board of Directors from 1 October 2024.

Jeremy Weir, Executive Chairman and CEO, will step down from his executive responsibilities on 1 January 2025 and will become Chairman of the Trafigura Group.

Sipko Schat, Independent Non-Executive Director of the Board, said: “The Board of Directors unanimously selected Richard Holtum to lead the Trafigura Group. Richard has achieved extensive success in developing high-performing teams and building Trafigura’s gas, power and renewables business into a robust and growing third pillar for the Group. He has the vision, international perspective and expertise to lead Trafigura through the next phase of its evolution.

“Over the past ten years, Jeremy has led Trafigura through a period of exceptional growth and success, creating a more diversified, sustainable business and a strong balance sheet to fund future growth. Trafigura has successfully navigated some of the most volatile and turbulent operating environments in more than a generation to deliver record financial performance in recent years.

“On behalf of Trafigura’s global employees and Board of Directors, I would like to thank Jeremy for his energetic leadership and full dedication to Trafigura, including for his continued commitment to the Group as its Chairman.”

Jeremy Weir said: “Today’s announcement marks the culmination of a succession planning process by the Board over nearly three years to prepare the organisation for the next generation of leadership. Richard is the right candidate to lead the Trafigura partnership and build on the Group’s success. He will have my full support as he steps into the CEO role and I look forward to continuing to lead the Trafigura Board as Chairman.”

Richard Holtum said: “I am deeply honoured by the trust that has been placed in me to lead Trafigura’s highly talented people. Trafigura is a global force in the commodities sector and plays a critical role in responsibly supplying the world with energy and raw materials. I look forward to helping the Group achieve its significant potential for further growth across all the commodities we source and supply.”

As part of the leadership transition, Richard will hand over his responsibilities as Global Head of Gas, Power and Renewables to Igor Marin, currently Head of Power Trading, with effect from 1 October 2024.

ENDS

Biography – Richard Holtum

Richard Holtum was appointed Global Head of Gas and Power in 2022, with responsibility for building Trafigura’s presence in the fast-evolving gas, power and carbon markets. His role was expanded to include responsibility for Renewables in 2023.

Richard joined Trafigura’s LNG team in 2014 and became Global Head of LNG and Gas in 2019, playing a significant role in growing the company’s integrated LNG and natural gas trading activity into a global business.

Prior to joining Trafigura, Richard was commissioned from the Royal Military Academy Sandhurst and spent five years with the British Army. He then worked for two years at Glencore.

Richard holds a Master’s degree in International Relations from the University of St Andrews.

Biography – Jeremy Weir

Jeremy Weir became CEO of Trafigura in March 2014 and was appointed Executive Chairman and CEO in April 2018, after a career spanning nearly three decades in commodity and commodity derivative markets.

Jeremy joined the Trafigura Group in 2001 as head of metals derivatives, structured products and risk management. Immediately prior to becoming CEO he served as a Management Board Director, Head of Risk and CEO of Galena Asset Management and Trafigura Mining Group.

Before Trafigura, Jeremy spent nearly nine years between 1992 and 2000 with NM Rothschild. Jeremy holds a BSc (Hons), Geology Major, from the University of Melbourne.

Selection of Trafigura Group highlights during Jeremy’s tenure as CEO and subsequently Executive Chairman and CEO:

• 2014: Joins the Extractive Industries Transparency Initiative (EITI)
• 2015: Publishes its first Sustainability Report
• 2017: Joins the World Economic Forum
• 2019: Ends the use of third party agents for business origination, the first company in the industry do this
• 2019: Completes rescue of zinc producer Nyrstar, including more than 4,000 jobs
• 2020: Calls for a carbon levy on shipping fuel
• 2020: First green hydrogen investment and formation of H2 Energy Europe
• 2020: Power trading division and Nala Renewables formed
• 2021: First Group-wide GHG emission reduction targets set, with 30 percent reduction in three years achieved one year ahead of target
• 2021: Carbon trading desk launched
• 2021: Becomes founding member of First Movers Coalition to drive investment in green technologies and products
• 2022: Completes sale of MATSA copper complex in Spain for USD1.85 bn
• 2022: Trafigura consortium awarded concession to run Lobito Atlantic Railway in Angola
• 2022: Signs export credit agency agreement to supply natural gas to Germany, an industry first
• 2023: Creation of newly-formed Executive Committee
• 2023: Record net profit of USD7.4 bn and Group Equity of USD16.5 bn
• 2024: Purchase of Greenergy, one of Europe’s largest suppliers of biofuels and a leading distributor of road fuels in the UK

 
For further information please contact:

Trafigura’s Press Office: +41 (0) 22 592 4528 or media@trafigura.com 

About Trafigura

Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables.

The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs over 12,000 people, of which over 1,400 are shareholders and is active in 156 countries.

Visit: www.trafigura.com