Trafigura chief financial officer Pierre Lorinet to step down

Trafigura, one of the world's biggest commodities trading houses, will have a new chief financial officer later this year.

Christophe Salmon, a former BNP Paribas financier, will take over from Pierre Lorinet in September, the company has said in a statement.

"I have decided it is time to take a career break and devote myself to other interests including my family," said Mr Lorinet.

His departure is the latest senior management change at Trafigura. A year ago, the company was forced to accelerate its succession plans after Claude Dauphin, co-founder and executive chairman, stepped back from the day-to-day running of the business for medical treatment. It appointed Jeremy Weir, previously the head of mining and asset management as its new chief executive.

Mr Dauphin and Eric de Turckheim founded Trafigura in 1993 with a group of other senior traders who left Marc Rich & Co, the trading house which, after a management buyout in 1993, transformed itself into the company that today is Glencore.

Trafigura has grown quickly over the past decade, investing heavily in fixed assets such as petrol stations, storage sites and oil terminals. That expansion has helped lift profits from just $31m in 2002 to $1.31bn in 2014 and has funded large windfalls for staff. Last year, Trafigura handed almost $900m to its management and senior employees by repurchasing their shares.

Mr Lorinet has been the public face of the trading house for the past few years. He joined the company in 2002, assuming the role of chief executive financial officer in 2007.

He moved to Singapore three years ago when Trafigura switched its legal headquarters from Switzerland to the Asian city state. He also took on the role of Asia-Pacific managing director.

Trafigura said an announcement concerning responsibility for the Asia-Pacific region would be made in due course.

In a statement Claude Dauphin, Trafigura's executive chairman, said: "We regret his decision to move on, but he can be proud of the firm financial foundations he has established for Trafigura. The appointment of Christophe Salmon as his successor allows for an orderly transition, and underlines the strength of the team Pierre has built."

Mr Salmon is currently Trafigura's CFO for Europe, the Middle East and Africa. He joined the company in 2012 from BNP Paribas, where he was head of the commodity finance department in Europe.

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His appointment comes as big oil traders enjoy the most favourable trading conditions they have seen since the global financial crisis in 2008.

For the big companies such as Glencore, Gunvor, Mercuria, Trafigura and Vitol, which source, store and transport crude oil and related products, the market rout may be a boon.

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