Strategy boss to go away Trafigura in newest senior departure from commodities dealer | USAEMALL.com

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Trafigura’s head of strategic projects Julien Rolland is set to leave the commodities trader, in the latest high-profile departure from the global firm as new boss Richard Holtum begins to make his mark.

Rolland, a 19-year veteran of Trafigura, has been in charge of leading the trader’s investment in renewable energy, including hydrogen, ammonia and other low-carbon technologies. He will retire on October 1, according to people familiar with his plans.

His departure comes as Holtum has been on a mission to simplify and streamline the group’s $10bn operating asset portfolio since he took over in January, and has shifted away from some of the big investments in renewables made by his predecessor, according to people familiar with the matter.

Holtum said in March that the company was doing a strategic review, adding there were “no sacred cows”. Trafigura declined to comment on Thursday.

The company, one of the world’s largest independent trading houses, has seen unprecedented turnover at its highest levels over the past two years, with its chief executive, chief financial officer and chief operating officer all recently changing.

In his role leading strategic projects, Rolland spearheaded Trafigura’s recent efforts in the Lobito Corridor, a railway linking copper mining regions in the Democratic Republic of Congo with a port on Angola’s Atlantic coast. A Trafigura-led consortium won a 30-year licence to operate the line across Angola. Rolland was previously head of power and renewables for the trader.

Other recent departures include chief risk officer Ignacio Moyano, who announced last month that he was preparing to depart. Executive director Jose Larocca and head of mergers and acquisitions Jesus Fernandez left last year.

The string of senior exits has put Trafigura, which is employee-owned, under pressure to buy back the shares of its departing employees. Those payments, which the company calls dividends, totalled $1.5bn during the first half of this financial year.

Typically when an employee leaves, their shares are bought back over a five-year period, although the company has discretion over the timing.

Rival traders such as Vitol, Mercuria and Gunvor have been on a hiring spree recently as they expand their metals trading divisions.

In an effort to stem the exodus of senior staff, Trafigura last year extended its garden leave period for traders to a minimum of six months, and up to 12 months in certain cases.

Many companies across the energy sector have been scaling back or cancelling renewables investments, as high interest rates, rising costs and an uncertain policy environment impact returns.

In March Trafigura scrapped a A$750mn (US$486mn) green hydrogen plant in South Australia, after a pre-feasibility study. The company is expected to make a final investment decision soon on its hydrogen project in Wales, which is run through its subsidiary MorGen Energy.

It also owns a 50 per cent stake in Nala Renewables, which operates solar and energy storage projects, and Trafigura has an extensive carbon trading desk.