Noble Group's co-CEO resigns to pursue other opportunities

ONE of the co-chief executives of distressed commodity trader Noble Group has resigned to pursue other opportunities.

Jeffrey Frase's resignation is effective from Nov 13, and comes after the recent sale of the oil liquids business in which he had a key role in building up. He was also the global head of oil liquids in Noble Group.

William Randall, the other co-chief executive, will become chief executive officer from the same day, and continue as executive director, said Noble on Monday evening.

The firm said in a release that Mr Frase has been the guiding force behind behind the expansion and profitability of its global oil liquids platform in recent years.

With the completion of the recent sale of the business to Vitol expected by the end of this year, Mr Frase decided to resign to focus on other opportunities where his market knowledge and network can be leveraged.

"The board would like to thank Mr Frase for his leadership input across the group over the years, and especially for successfully guiding the oil liquids business towards a new opportunity for its employees, customers and proposed owners," said Noble.