Trafigura appoints Richard Holtum to succeed Jeremy Weir as CEO

Commodity trading firm Trafigura Group Pte Ltd (Trafigura) on Wednesday (24 September) announced 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.

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, Holtum 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.

About Richard Holtum

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.

Holtum 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, Holtumwas commissioned from the Royal Military Academy Sandhurst and spent five years with the British Army. He then worked for two years at Glencore.

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

Photo credit: Trafigura
Published: 25 September, 2024