Trafigura announces new CEO for 2025

Global energy and commodities trading house Trafigura Group has announced Richard Holtum will assume the role of chief executive from 1 January 2025.

Mr Holtum currently serves as the Trafigura global head of gas, power and renewables, and he will also join the company’s board of directors on 1 October 2024.

Jeremy Weir, who has held the dual role of executive chairman and chief executive, will step down from his executive responsibilities on 1 January 2025 but will remain as chairman of the board.

Sipko Schat, an independent non-executive director of the board, commented on the transition, saying, "Richard Holtum has the vision and expertise to lead Trafigura into its next phase. He has built our gas, power and renewables business into a vital third pillar for the company."

Mr Schat also praised Jeremy Weir’s tenure, during which Trafigura saw significant growth and diversification, amid challenging market conditions.

Mr Holtum’s appointment follows a three-year succession planning process initiated by the board of directors.

Jeremy Weir, reflecting on the change, said, "Richard is the right person to lead Trafigura into the future. I will continue to support him and the board in my capacity as chairman."

Mr Holtum, who joined Trafigura in 2014, expressed his gratitude: "I am honoured by the trust placed in me to lead such a talented organisation. Trafigura plays a crucial role in supplying the world’s energy and raw materials responsibly, and I look forward to driving further growth."

As part of the leadership transition, Mr Holtum will hand over his current responsibilities to Igor Marin, head of power trading, effective 1 October 2024.