?? Trading Places: The Movers and Shakers! ??
Shipping and Trading Network
Networking and recruitment in shipping and commodities trading
August 2024: BIG NEWS IN COMMODITIES
Welcome to this month’s edition of “Trading Places,” where we shine a spotlight on the dynamic world of commodities trading and the power players steering its course. The executive shuffle is in full swing, with top-tier CFOs and CEOs switching companies like pro traders swap commodities. ??
In this rollercoaster of boardroom moves, we uncover the stories behind the transitions, the bold decisions driving these shifts, and the ripple effects across the industry. From strategic shake-ups to surprise appointments, our monthly roundup promises a thrilling journey through the corporate corridors of commodities trading.
So, buckle up and join us as we navigate the latest executive moves, explore their impacts, and celebrate the fresh perspectives breathing new life into the market. Let’s dive into the who’s who of commodities trading! ??
1 -?Xavier-Alexandre Ortiz?joins?Mercuria?from?IXM
Mercuria Energy Group Ltd. is in the process of hiring the former lead and zinc division head from competitor?IXM SA, reflecting its ongoing commitment to expanding its presence in the metals market. According to sources familiar with the situation, Xavier-Alexandre ORTIZ will join Mercuria in the same capacity after his gardening leave concludes in the upcoming months. He had served at IXM for close to 14 years before leaving the organization in June.
2 -?Christoph Schaefer?promoted to CIO at?Element Alpha
Christoph Schaefer?joined?Element Alpha?in 2021, where he took charge of the distillates trading portfolio. In 2024, he was promoted to the position of Chief Investment Officer. With more than 25 years of experience in trading and management, Christoph has previously worked with Hetco (Hartree), Morgan Stanley, and Mabanaft.
3 -?Jason Breslaw?joins?Trafigura?for Low-Carbon Fuels
Jason Breslaw?recently started working at?Trafigura?as a business developer for low-carbon fuels in Geneva.
4 -?Laurent Freixe?appointed?Nestlé?CEO
The Board of Directors of?Nestlé?has selected?Laurent Freixe, who is currently the Executive Vice President and CEO for the Latin America (LATAM) region, to assume the role of Chief Executive Officer of Nestlé S.A., effective September 1. In addition, the Board has nominated Laurent Freixe for a position on the Board of Directors for the 2025 Annual General Meeting. Mark Schneider, the current Chief Executive Officer, has chosen to step down from his positions as both CEO and Board member.
5 -?Raphaelle Peinado?named?Volcafe?Sustainability Director
Volcafe?is pleased to announce the appointment of?Raphaelle Peinado?as the new Sustainability Director, effective 1 September 2024. With her extensive experience and recognized expertise in sustainability, Raphaelle will lead Volcafe’s global initiatives in this area and will be responsible for the implementation and enhancement of the company’s sustainable strategy.
6 -?Esteve Servajean?joins?Aderco?as Head of Marine
Aderco has appointed?Esteve Servajean?as?Aderco's new Head of Marine.
7 -?Gonzalo Rivera Bonacasa?New Fuel Oil Trader at?Maersk
Maersk Oil Trading, the bunker fuel arm of container and logistics firm?A.P. Moller - Maersk, has appointed a new fuel oil trader based in Geneva,?Gonzalo Rivera Bonacasa.
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8 -?Senior Energy Trader Mike Grigsby Leaves?Balyasny
The growing commodities division at?Balyasny?has experienced the departure of a senior energy trader. Mike Grigsby, who specializes in oil trading, has left the company amidst Balyasny Asset Management's ongoing expansion in the commodities sector.
9 -?New appointment at?Millennium Management:?Carl H??sler
Millennium Management LLC, led by Izzy Englander, has appointed?Carl H?ssler?as a senior portfolio manager within its commodities division, as reported by sources familiar with the situation. H?ssler is expected to engage in trading gas and power at the hedge fund, with the sources requesting anonymity due to the confidential nature of the information.
H?ssler previously held a position at?Elliott Investment Management LP, where he spent a decade managing a commodities portfolio that encompassed European gas and power, US power, and carbon, as indicated on his LinkedIn profile.
10 -?Millennium Management?loses four energy professionals
According to sources familiar with the situation, four energy professionals, including two senior traders specializing in natural gas, are leaving?Millennium Management LLC, a hedge fund. The departing individuals are?Jeffrey Nietschmann?and?Dale Gibbard, both senior portfolio managers focused on natural gas, along with crude trader?Kristen Procinsky.?Furthermore,?Tackin Tarighian, a natural gas analyst, is also resigning from the firm, according to the sources who requested to remain anonymous due to the private nature of the information.
11 -?Millennium Management's energy division reshuffle
Significant changes are taking place within the energy trading division of Millennium Management LLC, as multiple senior traders are leaving the firm while the hedge fund seeks to strengthen its commodities sector with new personnel. According to informed sources,?Gary Pedersen, an senior fuel trader who managed a team dedicated to refined products, and fellow trader James Hutchinson are both preparing to leave the organization.This transition coincides with the hiring of?Ian Virga, a senior natural gas trader from Castleton Commodities, who will spearhead a new team responsible for managing approximately $1.5 billion in assets.
Sources indicate that Joel Green and J.W. Boyden, two other natural gas traders associated with Nietschmann’s team, are set to leave the firm as well.
12 -?Engelhart?acquires?Trailstone Group
Engelhart?has acquired?Trailstone Group, a leader in renewable energy risk management, to strengthen its trading platform and support the clean energy transition. The combined entity will operate under the Engelhart name, with Huw Jenkins as CEO and?John Redpath?as Deputy CEO. This move positions Engelhart at the forefront of the global shift towards renewable energy.
13 -?Goldman commodities co-head Qin Xiao to depart amid trader exodus
Goldman Sachs' commodities trading co-head Xiaoqin Wei is leaving the firm at year-end, shortly after taking the role. His departure is part of a broader trend of senior traders leaving Goldman, often for hedge funds, which are actively recruiting top talent.
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