The co-founder of the multinational commodity trader Gunvor Group Ltd, Torbjörn Törnqvist, resigns as CEO of the company and sells his stake to top management. This is reported in the press release of the Gunvor Group.
The management buyout, first proposed by management at the general meeting in Morocco in 2022, will entail a number of structural and managerial changes in order to ensure the long-term development and global growth of the company.
The new management of the company will continue to make changes to the board of directors and the executive committee of Gunvor Group Ltd, from which members of the Tornqvist family or their representatives are excluded. At the same time, Gunvor Group will still have no external owners or stakeholders.
Gary Pedersen, who headed the American division, has been appointed the new CEO of Gunvor Group. Pedersen joined the company in 2024 from the investment fund Millennium Management LLC with the intention of eventually leading the company globally. During the transition period, he will work in Houston (Texas) and Geneva (Switzerland).
According to Pedersen, "the company has the financial resources, liquidity and leadership positions to continue its global growth strategy as a competitive participant in global energy markets."
The new owners of the company intend to adhere to the current strategy of diversification and investment in the energy supply chain, paying special attention to investments and development in the markets of the USA, Europe and Asia.
The reshuffle in the leadership of the Gunvor Group is taking place against the background of sanctions imposed by the US administration against the Russian oil company LUKOIL. At the end of October, Gunvor offered to buy out LUKOIL International GmbH (a subsidiary of LUKOIL that owns the company's foreign assets).
Gunvor denied the US Treasury's statement about the company's ties to Russian officials and for a week held talks with the US Office of Foreign Assets Control (OFAC) and other bodies responsible for sanctions enforcement, trying to convince the US authorities of the expediency of a deal that could turn Gunvor into the largest integrated oil production and refining company..
Eventually, on November 7, Gunvor withdrew the offer under pressure from the United States and the categorical refusal of the U.S. Treasury Department to issue a license for the deal for political reasons.
After canceling the deal with LUKOIL, Gunvor received a multi-currency revolving loan in the amount of $2.4 billion in favor of Gunvor International B. V. and Gunvor SA, provided by the American divisions of international banks for general corporate purposes, including refinancing current loans.
Gunvor Group is a multinational energy company and one of the largest independent commodity trading houses. Gunvor develops logistics solutions in the oil and petroleum products, gas, coal, biofuels and greenhouse gas emissions trading sectors. The company invests in refineries, pipelines, storage facilities and terminals.
Gunvor was founded by Russian billionaire Gennady Timchenko and Swedish partner Thorbjorn Tornqvist (43.6% of shares each). In 2014, Timchenko sold his stake to T. Tornqvist, who owned more than 85% of the shares (the rest belong to the company's employees). The headquarters is located in Geneva (Switzerland).
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