(Bloomberg) -- Gunvor Group, one of the world’s biggest independent oil-trading firms, hired Gary Pedersen as head of US trading to replace David Garza after he retires later this year, people familiar with the matter said.
Pedersen previously led a team of refined-products traders at hedge fund Millennium Management LLC and has also worked for Northville and Koch Supply & Trading. Pedersen, Garza and a representative for Gunvor didn’t immediately respond to requests for comment.
Garza has led Gunvor USA since its startup in 2017, helping expand it to more than 120 employees in Houston; Stamford, Connecticut; and Calgary, Canada, according to Gunvor’s website. He previously worked at Tesoro and spent more than 20 years in financial and trading positions at BP Plc.
Commodity trading houses such as Gunvor have enjoyed bumper profits the last two years, but the firm has warned the market volatility that boosted its recent banner results has cooled.
--With assistance from Lucia Kassai.
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