Updated: 2 Dec| Published: 1 Dec
Torbjörn Törnqvist has resigned as CEO of Gunvor and sold his controlling stake to around 60 employees in a management-led buyout.Gary Pedersen has been named as the new CEO as Gunvor seeks to stabilize after being labeled a "Kremlin puppet" by the U.S. Department of the Treasury, withdrawing its $22 billion bid for Lukoil assets and adapting to new sanctions.Gunvor trades about 3.2 million barrels of oil per day and posted $729 million in net profit on $136 billion in revenue, with its 2024 results showing an equity valuation of $6.5 billion.
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