Embattled commodity firm Noble Group has announced that its chief executive officer Yusuf Alireza has resigned with immediate effect.
The Singapore-listed company also announced in a press release that Alireza was to be replaced by Co-CEO's – namely Executive Director William Randall and President, Noble Americas, Jeff Frase.
Challenging Period
Alireza was appointed Chief Executive of Noble a little over four years ago. In their statement Noble said «Alireza has helped guide Noble through a very challenging period, moving the company to an asset light, merchant focused model.»
Commodity Slump
The firm also announced that it will begin the sale process for Noble Americas Energy Solutions and said it expects to generate both significant cash proceeds and profits to substantially enhance the balance sheet.
Noble has been under pressure for alleged accounting improprieties the commodity company came under attack from a little-known research house last year leading to market doubts over its soundness during the prolonged commodity plunge.
