Trafigura Group introduced that Chief Working Officer Mike Wainwright will depart subsequent 12 months, the primary indication of a altering of the guard among the many buying and selling home’s senior leaders, who’re additionally its greatest shareholders.
Wainwright, one of many three strongest executives at Trafigura, will depart on the finish of March 2024. Together with Chief Govt Officer Jeremy Weir and Co-Head of Oil Buying and selling Jose Larocca, he was a part of the highest trio who stepped as much as run the corporate after founder Claude Dauphin died in 2015.
Trafigura didn’t present a motive for Wainwright’s departure, which comes because the buying and selling home is wading by means of the fallout after falling sufferer to an alleged nickel fraud. The corporate introduced in February it was dealing with losses of almost $600 million after discovering that cargoes of nickel it had purchased didn’t comprise any nickel. It’s taking authorized motion in opposition to Prateek Gupta, the Indian businessman it accuses of perpetrating a “systematic fraud.”
Trafigura has mentioned it doesn’t consider that any of its staff have been complicit within the alleged fraud. A spokesman for Gupta has mentioned that he’s planning a “strong response” to the allegations.
Because the saga was made public, Bloomberg has beforehand reported the departures of Trafigura’s nickel and cobalt buying and selling head, a senior metals dealer in Mumbai, and the pinnacle of metals operations.
Wainwright, 49, joined Trafigura in 1996 as an oil accounts assistant, three years after it was based by a bunch of former Marc Wealthy merchants. Since then the corporate has established itself as one of many world’s greatest unbiased commodities buying and selling homes, shifting over 400 million tons of oil, gasoline, metals and minerals per 12 months.
The corporate and its rivals have been among the many greatest beneficiaries of the disruptions wrought by Russia’s invasion of Ukraine, producing large earnings after commodity costs soared final 12 months.
As COO, Wainwright spearheaded the shift of Trafigura’s middle-office capabilities — the groups that handle the operational logistics of a bodily commerce, comparable to dealing with authorized paperwork, hedging or transport — away from buying and selling flooring in Geneva and Singapore to cheaper hubs in cities like Mumbai and Montevideo. He has additionally overseen a serious funding in Trafigura’s IT techniques, with the introduction over the previous few years of a platform referred to as Titan.
Off the buying and selling ground, Wainwright is a eager endurance driver, having competed within the famed Le Mans 24 Hour race.