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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Thursday, 17 December 2009

Noble's Elman gives up CEO role, becomes exec chairman

* Noble founder and CEO Elman to become executive chairman

* Mgt change to facilitate succession planning

SINGAPORE - Singapore-listed Hong Kong commodities firm Noble Group on Thursday moved to address shareholder concerns about succession by elevating chief operating officer Ricardo Leiman to CEO.

The firm's founder and current CEO Richard Elman will become executive chairman, Noble said in a filing to the Singapore stock exchange. The change in appointments take effect on Jan 1.

'The goal is to enable senior management to grow into their new responsibilities while at the same time providing all stakeholders with the comfort that Richard Elman is still spearheading the group's strategy,' the firm said of its founder who is around 70 years old.

David Eldon, Noble's non-executive chairman, will remain on the board as a senior independent and non-executive director, the company added.

Noble, with interests from Brazilian sugar to Australian coal, is the only major global commodity trading house with a public listing. Its shareholders include China Investment Corp, which earlier this year bought a 14.5 per cent stake for US$850 million. -- REUTERS
Posted by Createwealth8888 at 19:28
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1 comments:

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