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Friday, January 19, 2024 4:51:05 AM
Why would you hire a human-resource chief to lead the speculative trading unit???
Exxon Taps HR Chief Gunnlaugsson to Lead New Trading Unit
Exxon Mobil Corp. tapped human-resources chief Tracey Gunnlaugsson to lead its new global trading division as part of the oil giant’s plan to compete with more established players in the world of energy trading.
Published Apr 27, 2023
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The creation of the new division, part of Chief Executive Officer Darren Woods’ three-year internal reorganization, raised speculation that Exxon may be looking to become a major competitor to commodity merchants like Glencore Plc, Trafigura Group and Vitol Group. In contrast to European rivals BP Plc and Shell Plc that have established trading units, Exxon historically has shunned speculative trading, preferring to focus on the production of petroleum products.
In recent years, Exxon has expanded in all aspects of trading, including taking on positions around its assets as well as origination, and the company is aiming to leverage its understanding of global markets to further grow the business, Chapman said.
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https://financialpost.com/pmn/business-pmn/exxon-taps-hr-chief-gunnlaugsson-to-lead-new-trading-unit
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