Sept 24 Reuters Richard Holtum will take over as chief executive of global trading house Trafigura from Jan. 1 next year, the company said on Tuesday.

Holtum will take over the helm at a time when trading firms are set to see reduced profits following windfall years after the COVID19 pandemic, while sharp equity growth in recent years will also mean hefty expenses in paying out departing shareholders.

Holtum becomes the group39;s third ever CEO after around 10 years at the company. He joined Trafigura in 2014 on the firm39;s Liquefied Natural Gas LNG team, rising to global head of gas and power in 2022 and adding renewables to his portfolio in 2023.

His rise at the company coincides with a booming gas market, with prices spiking on the back of Russia39;s invasion of Ukraine, which helped to generate billions of dollars worth of profit for trading houses and helped gas and LNG desk profit rise to unprecedented levels.

Prior to joining Trafigura, Holtum worked on rival trader Glencore39;s crude oil desk. He began his career in the British army.

Outgoing CEO Jeremy Weir, who held the position for over 10 years, will take up the role of group chairman on Jan 1.

Reuters exclusively reported in April that Weir had begun priming Holtum to take the helm.

The Board of Directors unanimously selected Richard Holtum to lead the Trafigura Group, independent nonexecutive director Sipko Schat said.

The announcement is the second organisational reshuffle in Trafigura in quick…