Claude Dauphin, co-founder of Dutch trading giant Trafigura, has stepped down as chief executive officer and will be replaced by Jeremy Weir.
Trafigura said in a statement that Dauphin will become executive chairman while, in tandem, Mariano Marcondes Ferraz will join the management board, effective immediately.
Trafigura said "today's announcement marks the latest stage in the evolution of Trafigura's governance and management structure as the company has grown larger and more complex, and illustrates the rise of a new generation of senior managers leading the company."
Trafigura has seen enormous growth since it was established in 1993 with turnover increasing tenfold in just over a decade, from $12.2bn (£7.4bn, €8.9bn) in 2003 to over $133bn by 2013.
Operations now span 58 countries, employ nearly 9,000 people, and feature an extensive range of industrial, logistical and financial assets.
Who Are the New Execs?
Weir, 50, an Australian national who graduated in geology from the University of Melbourne, joined Trafigura in 2001. He has experience in trading, finance, mergers and acquisitions, physical and financial markets, risk management, and mining.
Ferraz joined Trafigura in 2007, having previously worked for Glencore in Brazil, and became CEO of Trafigura affiliate DT Group in 2009.
He also serves on the board of Puma Energy and is a member of the Porto Sudeste Consortium Board.