Commodity Trader Trafigura’s CEO Jeremy Weir starts the transition process

According to a Reuters exclusive, Jeremy Weir, the long-serving CEO of commodities trader Trafigura, is grooming Richard Holtum as his successor for the chairman role, as revealed by five sources familiar with the matter.

While Trafigura has yet to officially announce a transition plan or timeline, recent management reshuffles and the retirement announcements of two executives have set the stage for a generational shift in leadership.

Holtum, currently serving as the company’s global head of gas, power, and renewables, has been accompanying Weir in meetings with key clients and banks, signalling his preparation for the top position. Sources suggest that the transition could occur as early as this year.

Trafigura declined to comment on the matter, but Holtum’s rapid ascent within the firm, from joining the liquefied natural gas (LNG) team in 2014 to leading the gas and power division in 2019, highlights his potential to lead the company into the future.

Renewable energy has become a focal point for Trafigura, with Holtum expected to play a pivotal role as Weir considers stepping back. Despite challenges such as legal issues and bribery scandals, Trafigura has maintained strong financial performance, capitalising on opportunities in the oil, LNG, and copper markets while also diversifying into renewable energy sources.