Media: “Kremlin puppet” steps down as Gunvor CEO

Torbjörn Törnqvist, CEO of Swiss energy trading company Gunvor Group, has resigned and will sell his controlling stake to the company’s management.

Gary Pedersen, former head of Gunvor’s U.S. operations, will succeed him as CEO, Caliber.Az cites the company's press release.

“The generational transition is in full swing, and we have the financial confidence, liquidity, and leadership needed to advance our global strategy. Our goal is to maintain our leading position as a reliable and competitive player in the global energy markets — today and in the future,” Pedersen said.

The leadership change comes amid broader challenges for Russian-linked energy companies. In October, Rosneft and Lukoil were sanctioned by the United States. Following the sanctions, Lukoil attempted to sell its overseas assets in Gunvor, founded in the 1990s by oligarch Gennady Timchenko, a close associate of Russian President Vladimir Putin, and Swedish oil trader Torbjörn Törnqvist. The deal collapsed after the U.S. Treasury described Gunvor as a “Kremlin puppet”, signalling that Washington would not approve the transaction.

By Khagan Isayev