Gunvor Group’s head of buying and selling Stephane Degenne is leaving the corporate as a part of a wider transition within the vitality dealer’s prime administration.
Degenne rose up the ranks at Gunvor as an oil market dealmaker to develop into one of many firm’s most senior figures below co-founder and Chief Government Officer Torbjörn Törnqvist.
His departure is a part of a “generational shift in management,” a spokesperson for Gunvor mentioned.
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Degenne’s exit comes in opposition to the backdrop of a broader altering of the guard within the international commodity buying and selling world, as corporations refocus after years of bumper earnings and longstanding executives retire. Bigger rival Trafigura Group final 12 months introduced the second CEO succession in its historical past, capping a interval of upheaval in its senior ranks that noticed a number of of its prime merchants and executives depart.
Gunvor, one of many world’s largest merchants of oil and fuel, is round 84%-owned by Törnqvist.
The corporate additionally named Gary Pedersen, who not too long ago joined from Millennium Administration LLC as president and CEO of Americas, to its govt committee, in addition to Power Transition Director Fredrik Törnqvist, the son of the co-founder.
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