Trafigura Group has appointed gas, power and renewables head Richard Holtum as its new chief executive officer, replacing Jeremy Weir who will stay on as chairman of the commodity trading giant.

Trafigura has appointed Richard Holtum as chief executive, replacing Jeremy Weir who will become chair of the Swiss trading house.

Richard Holtum will take over as chief executive of global trading house Trafigura from Jan. 1 next year, the company said on Tuesday. Outgoing CEO Jeremy Weir, who held the position for over 10 years,

The rumours are true: Richard Holtum is the new chief executive at Trafigura. The commodities trading giant announced on Tuesday that Holtum will take the reins at the company — which is also a major charterer and shipowner — in the new year, confirming reports in April that he was being prepped for the top job.