2024-10-03 22:18:41
It is one of the largest trading companies in the world: Trafigura is in the midst of a reorganization. The group, present in particular in Africa, changes general manager. To replace Jeremy Weir, the company chose a man, Richard Holtum, who had been on the job for only ten years. Story of a meteoric rise.
He is preparing to become Trafigura’s third boss in 30 years. On January 1, Richard Holtum will take the reins of one of the three largest trading companies on the planet. His story with Trafigura began in 2014, when he joined the group’s liquefied natural gas (LNG) team, following a two-year stint at Glencore. Very quickly, someone who had served five years in the British Army rose through the ranks. Between 2019 and 2023 he subsequently becomes global head of the company’s gas, electricity and renewable energy sector.
« It’s an exceptional climb », considers Charles Thiémélé, director for Africa of the oil and gas trading company BGN SA. Those who know him describe Richard Holtum as a workaholic. “ I admire his attention to detail, he reads all contracts », underlines Ben Luckock, oil manager at Trafigura, in Financial times.
Richard Holtum’s appointment comes at a decisive time for the retail giant and, more generally, for the sector. Because it’s time for super profits definitively finished : In the first half of the year, Trafigura’s profits fell 74%, the lowest in four years.
Suspicions of corruption in Angola
The appointment of Richard Holtum, whose profile is focused on gas, “ sends a strong signal to other traders », Estimate Charles Thiémélé. Commentators assure us: this is the beginning of a new era for Trafigura, and a gradual transition to LNG.
The other burning issue of the group is also his Problems with the Swiss justice system. Next December, Trafigura and its former chief operating officer will be in the dock for suspected corruption in Angola. Between 2009 and 2011, payments of more than $4 million were allegedly made to an agent of the country’s state oil company, in exchange for developing Trafigura’s operations in the country.
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