Trafigura CFO Lorinet to Step Down

Posted by Joseph Keefe March 16, 2015

The chief financial officer of commodities firm Trafigura, Pierre Lorinet, who led the trading house's headquarters relocation to Singapore from Switzerland in 2012, is stepping down from October, Trafigura said on Monday.

Lorinet, 43, said he had decided to take a career break after 13 years with Trafigura and devote himself "to other interests including my family".

He will be replaced by Christophe Salmon, also 43, Trafigura's CFO for Europe, the Middle East and Africa, who joined Trafigura in 2012 from BNP Paribas.

In 2012, Lorinet moved from Geneva to Singapore as the company said it was making the city its main trading hub to take advantage of booming demand for resources in the region. Lorinet also took on the additional role of the head of Asia Pacific.

Salmon will remain Geneva-based. Trafigura said a further announcement concerning responsibility for the Asia-Pacific region would be made in due course.

Most senior executives of Trafigura are based in Geneva even though Singapore offers much lower tax rates.

Lorinet's departure follows a reshuffle at the very top of Trafigura last year when the company had to bring forward a succession plan after veteran co-founder and CEO Claude Dauphin required medical treatment.

Jeremy Weir, the firm's head of mining and market risk, took over as the new CEO while Dauphin continues to be closely involved with the firm's activity as its executive chairman.

Dauphin said the firm's regretted Lorinet's decision to move on as he had transformed Trafigura's access to liquidity since becoming the CFO in 2007.

"The appointment of Christophe Salmon as his successor allows for an orderly transition, and underlines the strength of the team Pierre has built," Dauphin said in a statement.