Published: September 25, 2024 |

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Pictured from left to right, Richard Holtum and Jeremy Weir
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Trafigura Group has appointed Richard Holtum as chief executive officer (CEO) effective January 1, 2025 and will join the Trafigura board of directors on October 1, 2024.

Jeremy Weir, executive chairman and CEO, will step down from his executive responsibilities on January 1, 2025 and will become chairman of the Trafigura Group.

“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,” said Sipko Schat, independent non-executive director of the board.

“Over the past ten years, Jeremy Weir 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,” added Schat.

“On behalf of Trafigura’s global employees and board of directors, I would like to thank Jeremy for his energetic leadership and full dedication to Trafigura, including for his continued commitment to the Group as its chairman,” concluded Schat.

“Today’s announcement marks the culmination of a succession planning process by the board over nearly three years to prepare the organization for the next generation of leadership. Richard Holtum 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,” said Jeremy Weir.

“I am deeply honored 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,” said Richard Holtum.

As part of the leadership transition, Richard Holtum will hand over his responsibilities as global head of Gas, Power and Renewables to Igor Marin, currently head of Power Trading, with effect on October 1, 2024.

Richard 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, Holtum was commissioned from the Royal Military Academy Sandhurst and spent five years with the British Army. He then worked for two years at Glencore. Richard holds a Master’s degree in International Relations from the University of St Andrews.

Jeremy Weir became CEO of Trafigura in March 2014 and was appointed executive chairman and CEO in April 2018, after a career spanning nearly three decades in commodity and commodity derivative markets. Weir joined the Trafigura Group in 2001 as head of metals derivatives, structured products and risk management. Immediately prior to becoming CEO he served as a management board director, head of Risk and CEO of Galena Asset Management and Trafigura Mining Group. Before Trafigura, Jeremy spent nearly nine years between 1992 and 2000 with NM Rothschild. Jeremy holds a BSc (Hons), Geology Major, from the University of Melbourne.

Trafigura is a leading commodities group, owned by its employees and founded more than 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. They deploy infrastructure, market expertise and its worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. They invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through H2Energy Europe and joint venture Nala Renewables. The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs more than 12,000 people, of which more than 1,400 are shareholders and is active in 156 countries.

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