Trafigura Group Pte Ltd, a leading global commodities trading company, has announced a significant leadership transition. Richard Holtum will assume the role of Chief Executive Officer (CEO) of Trafigura starting 1 January 2025. Holtum will also join the Board of Directors from 1 October 2024, marking a major shift in the company’s executive leadership.
Jeremy Weir, the current Executive Chairman and CEO of Trafigura, will step down from his executive responsibilities at the beginning of 2025. However, he will remain deeply involved with the company, transitioning into the role of Chairman of the Trafigura Group. Weir has been instrumental in driving the company’s impressive growth and success over the past decade.
Sipko Schat, Independent Non-Executive Director of Trafigura’s Board, expressed confidence in Holtum’s leadership, stating: “The Board of Directors unanimously selected Richard Holtum to lead the Trafigura Group. Richard has built a high-performing team and transformed our gas, power, and renewables businesses into a crucial and expanding pillar for Trafigura. He possesses the vision and international expertise to guide Trafigura through its next phase of evolution.”
Jeremy Weir’s Leadership Legacy
During Jeremy Weir’s leadership tenure, Trafigura achieved exceptional growth. Under his guidance, the company has become more diversified and financially robust, positioning itself to navigate some of the most volatile economic periods. His leadership has led to record financial performances and significant operational achievements in recent years.
Jeremy Weir reflected on the transition “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. I look forward to continuing to lead the Trafigura Board as Chairman.”
Richard Holtum’s Vision for Trafigura
Richard Holtum, currently the Global Head of Gas, Power, and Renewables, will take over the role of CEO with a strong background in building Trafigura’s presence in these fast-evolving markets.
Commenting on his appointment, 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 this leadership transition, Holtum will hand over his responsibilities as Global Head of Gas, Power, and Renewables to Igor Marin, currently Head of Power Trading, starting 1 October 2024.
Leadership Profiles
Richard Holtum has played a pivotal role in expanding Trafigura’s presence in the gas, power, and carbon markets since becoming Global Head of Gas and Power in 2022. His responsibilities were extended to include renewables in 2023. Holtum joined Trafigura in 2014 and has held key positions, including Global Head of LNG and Gas, helping to grow the company’s integrated LNG and natural gas trading activities into a global business. Holtum’s career began in the British Army before transitioning into the commodities industry, where he worked at Glencore prior to joining Trafigura.
Jeremy Weir became CEO of Trafigura in March 2014 and was later appointed Executive Chairman and CEO in April 2018. With nearly three decades of experience in commodity and derivative markets, Weir has been with Trafigura since 2001, where he held various senior roles, including head of metals derivatives and risk management. Weir has overseen Trafigura’s significant milestones, such as joining the Extractive Industries Transparency Initiative (EITI), setting greenhouse gas emission reduction targets, and leading the formation of Trafigura’s renewables division, Nala Renewables.
Major Achievements During Jeremy Weir’s Tenure
Some key highlights of Jeremy Weir’s time as CEO include:
- 2014: Trafigura joined the Extractive Industries Transparency Initiative (EITI).
- 2015: The company published its first Sustainability Report.
- 2017: Trafigura became a member of the World Economic Forum.
- 2019: The company completed the rescue of zinc producer Nyrstar, saving over 4,000 jobs.
- 2020: Trafigura called for a carbon levy on shipping fuel and made its first green hydrogen investment through H2 Energy Europe.
- 2021: The company launched its carbon trading desk and set a Group-wide goal to reduce greenhouse gas emissions by 30%, achieving this goal a year ahead of schedule.
- 2022: Trafigura sold its MATSA copper complex in Spain for USD 1.85 billion and was awarded the concession to operate the Lobito Atlantic Railway in Angola.
- 2023: Trafigura posted a record net profit of USD 7.4 billion and reached Group Equity of USD 16.5 billion.
About Trafigura
Founded over 30 years ago, Trafigura is a leading global commodities group, owned by its employees. The company connects vital resources to power and build the world, leveraging its extensive infrastructure and worldwide logistics network to transport oil, petroleum products, metals, minerals, gas, and power. Trafigura also invests in renewable energy projects, facilitating the transition to a low-carbon economy through ventures like H2 Energy Europe and Nala Renewables. The Group operates industrial assets including Nyrstar, Puma Energy, Impala Terminals, and Greenergy, and employs over 12,000 people across 156 countries, with over 1,400 shareholders.
Source Trafigura