Gunvor CEO Tornqvist Steps Down in Management Buyout
Photo by Jake Banasik on Unsplash
Gunvor CEO Torbjorn Tornqvist is stepping down and selling his shares in a management buyout after the U.S. Treasury Department labeled the company a "Kremlin's puppet" because of past ties to Russia. Gary Pedersen, head of the Americas division, will become CEO as Gunvor aims to improve relations with Washington and grow its U.S. operations.
Key takeaways
- Following a Reuters report, Gunvor CEO Torbjorn Tornqvist will step down and divest his shareholding as part of a management buyout
- This transition occurs weeks after the U
- Treasury Department characterized the firm as a "Kremlin's puppet" due to historical ties to Russia, which impacted a significant company transaction
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