(Bloomberg) -- Two senior oil traders at Trafigura Group in the US are leaving the firm, the latest departures as the commodity trading giant undergoes a management succession while energy trading profits normalize after an unprecedented boom.
Kevin Jebbitt was the head of US crude trading and is retiring, according to people familiar with the matter, who asked not to be identified discussing private information. He was part of a team that spearheaded Trafigura into a heavyweight in US crude exports. “Kevin has been a larger than life character within Trafigura for some 13 years,” global head of oil Ben Luckock said in an internal memo announcing his retirement, describing him as “a mentor to many” whose “sense of a market opportunity is second to none.”
Conor McFadden was most recently an oil trader, after previous roles including head of US gasoline trading and head of European crude, according to his LinkedIn profile.
Their responsibilities are being taken over by Nick Bassett, who has until now led Trafigura’s liquefied petroleum gas business in the region, one of the people said. The company has hired more than a dozen people in its oil division this year, the person added.
Trafigura declined to comment on the departures.
Energy merchants such as Trafigura enjoyed the most profitable period in their history in 2022 and 2023, as the energy crisis triggered by Russia’s invasion of Ukraine caused wild price swings. But profits have begun to normalize this year, with Trafigura reporting a 73% drop in its first-half profits.
Trafigura has seen a wave of senior departures over the past year, while Bloomberg has reported that Chief Executive Officer Jeremy Weir is also preparing for his own succession.
The commodities trading giant is owned by about 1,400 of its employees and buys them out after they leave. The company is now grappling with a hefty share buyback bill, after a wave of senior departures and several years of blockbuster profits, Bloomberg reported earlier this month.
--With assistance from Christopher Charleston.
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