METALS PEOPLE - Noble Group CEO Alireza resigns, new co-CEOs appointed

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Vivian Teovivian.teo@fastmarkets.comJoint News Editor - Asia

Singapore 30/05/2016 - Noble Group announced on Monday its directors have accepted the resignation of its chief executive officer Yusuf Alireza.

The company has appointed William Randall and Jeff Frase as co-CEOs.  Randall, based in Hong Kong, is currently resident of Noble and an executive director, and will retain his board seat.

Frase, based in Stamford, Connecticut, is currently president of Noble Americas and head of oil liquids, and will be invited to join the company’s board. 

“Mr Alireza has helped guide Noble through a very challenging period, moving the company to an asset light, merchant focused model; he played a pivotal role in the successful sale of Noble Agri to a group of investors led by COFCO, and has also been instrumental in securing the recently announced re-financing, a crucial element in the process of giving the group a stable base from which to develop,” Noble said in its statement.

"With this transformation process now largely complete, Mr Alireza considered that the time was right for him to move on. The Board wishes to thank Mr Alireza for his dedication and commitment to the company over the last four years, and in particular for his huge commitment of time and energy over the past eighteen months, as Noble has navigated some of the most difficult market conditions ever seen in commodities markets.”

The company’s board also confirmed on Monday that Richard Elman will continue his role as chairman and executive director.

“I am delighted that Will and Jeff will be leading Noble Group's operations as we embark on the Company's next chapter. Their complementary commodities expertise and geographical focus will be hugely valuable as we position ourselves for the future,” Elman commented.

Randall began his career with Noble in Australia in February 1997 and had established Noble's coal operations, mining and supply chain management businesses. He was most recently executive director and head of hard Commodities at Noble.

Frase had joined Noble from JP Morgan in New York where he was managing director and global head of oil trading. Prior to JP Morgan, he spent 17 years at Goldman Sachs where he was a managing director and global head of crude oil and derivatives trading.

Noble’s board expects to announce some further additional leadership appointments in due course as the business developments dictate, the statement added.



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