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Noble CEO resigns; Noble to sell US energy marketing subsidiary
YUSUF Alireza, 45, chief executive officer of embattled commodity trader Noble Group, has resigned due to family reasons.
Noble will also sell US energy marketing firm Noble Americas Energy Solutions to raise cash to strengthen its balance sheet, the company said on Monday morning.
Chairman Richard Elman will remain in his current position, while William Randall and Jeff Frase are appointed as co-CEOs.
Noble said its directors accepted Mr Alireza's resignation and noted he helped guide the company through a very challenging period. It cited his "huge commitment of time and energy over the past 18 months, as Noble has navigated some of the most difficult market conditions ever seen in commodities markets".
"With this transformation process now largely complete, Mr Alireza considered that the time was right for him to move on," Noble added. "The board looks forward to working with Yusuf in the future should the opportunity arise."
Mr Alireza was appointed as CEO four years ago. His replacements are Hong Kong-based Mr Randall, the current president and executive director, and Connecticut-based Mr Frase, the current president of Noble Americas and head of oil liquids.
Noble came under attack from a little-known research house Iceberg Research last year. Iceberg alleged accounting improprieties. Hit by market doubts over its solvency amid a commodity slump, Noble's shares fell from over S$1 a share to below S$0.30 a share.
Noble last traded at S$0.305.