Richard Holtum will assume the role of chief executive at Trafigura, a global trading house, starting January 1, 2025. This transition comes at a challenging time for trading firms as they face reduced profits following a series of windfall years post-COVID-19 pandemic. Additionally, significant equity growth in recent years has led to increased expenses related to shareholder payouts.
Holtum, who joined Trafigura in 2014, has risen through the ranks, becoming the third CEO in the company’s history after nearly a decade with the firm. He initially worked on the Liquefied Natural Gas (LNG) team and became the global head of gas and power in 2022, adding renewables to his responsibilities in 2023. His tenure coincided with a booming gas market, particularly following Russia’s invasion of Ukraine, which significantly boosted profits for trading houses.
Before joining Trafigura, Holtum worked on Glencore’s crude oil desk and began his career in the British army. Outgoing CEO Jeremy Weir, who has led the company for over 10 years, will transition to the role of group chairman on the same date.
The board of directors unanimously selected Holtum for the position, as confirmed by independent non-executive director Sipko Schat. This leadership change comes shortly after Trafigura announced the creation of a new operational assets division, to be led by Jiri Zrust. Holtum’s previous role will be taken over by Igor Marin, the current head of power trading.