Commodity trading giant Trafigura Beheer today promoted the head of its hedge fund unit to CEO, after its founder stepped down to undergo medical treatment for an undisclosed condition.
Jeremy Weir has taken the reins at the company. Under a previously undisclosed succession plan, Weir was set to take over for Claude Dauphin in September anyway, after 13 years at Trafigura, where he was head of mining and market risk and led its Galena Asset Management hedge fund unit.
Dauphin will now served as executive chairman of the firm.
“Claude is receiving treatment for a medical condition,” Trafigura said. “He intends to continue being hands on and responsible for leadership and business development. New CEO Jeremy Weir will be responsible for day-to-date operations.”
Prior to joining Trafigura, Weir set up NM Rothschild & Sons non-ferrous metals derivatives business.