NEW YORK, Oct 20 (Reuters) - Glencore's ( GLCNF ) global
head of naphtha trading, Oliver Bowen, is set to leave for rival
Vitol, four sources told Reuters on Tuesday, making him the
latest top trader to depart from the London-listed commodities
trading and mining firm in recent months.
Bowen will start at Vitol on November 7 and oversee the
world's largest commodities trader's European naphtha book, one
of the sources said.
The sources requested anonymity to discuss confidential
information.
Bowen could not be contacted for comment. Vitol and Glencore ( GLCNF )
declined to comment.
Bowen's departure from Glencore ( GLCNF ) comes as the company
undertakes a broader reorganization of its trading operations,
after facing a sharp slump in earnings from that department.
Core earnings from Glencore's ( GLCNF ) energy and steelmaking coal
trading activities fell to $306 million in the first half of
this year, the lowest for that period since 2016, the company
reported in August.
Bowen, 42, has been Glencore's ( GLCNF ) head of naphtha trading since
at least 2017, according to a profile on the UK government's
Companies House. He served as a director of the UK-based
Petrochemical Feedstock Association since February 2017 until he
resigned in April this year, the profile showed.
Glencore's ( GLCNF ) current head of oil and gas trading, Alex Sanna,
is set to step down from his role at the end of this year,
Reuters earlier reported, citing a staff memo. Another Glencore ( GLCNF )
veteran, Maxim Kolupaev, who currently heads gas and power
trading for the firm, will replace Sanna, who headed the
company's oil trading desk for the past six years.