The rumours are true: Richard Holtum is the new chief executive at Trafigura.
The commodities trading giant announced on Tuesday that Holtum will take the reins at the company — which is also a major charterer and shipowner — in the new year, confirming reports in April that he was being prepped for the top job.
He takes over from Jeremy Weir, who will become chairman.
Non-executive director Sipko Schat said: “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.”
In April, Reuters reported that Holtum, who had been serving as head of gas, power & renewables since 2022, had been tapped for the chief executive job and was sitting in meetings with major clients.
He had already been sitting on Trafigura’s leadership committee following the retirement of long-time executive Mike Wainwright last year.
In April, executive director Jose Maria Larocca and chief financial officer Christophe Salmon resigned. Wainwright, Larocca and Wier together helped run the company following the death of founder Claude Dauphin in 2015.
On 1 October, Holtum will join the board and hand his current position over to the head of power trading, Igor Marin.
“I am deeply honoured by the trust that has been placed in me to lead Trafigura’s highly talented people,” Holtum said.
“I look forward to helping the group achieve its significant potential for further growth across all the commodities we source and supply.”
Weir said Holtum’s appointment was the result of three years of succession planning.
“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,” Weir said.
