ED&F Man Holdings Ltd., the 230-year-old London-based commodities trader, appointed Phil Howell as chief executive officer.
Howell, currently head of financial services and group business development, will take up his new post on Jan. 15, replacing Rafael Muguiro, ED&F Man said today in an e-mailed statement. Jan Kees van der Wild, head of the company’s Volcafe coffee unit and the liquid products division, will become managing director of commodities.
ED&F Man, which trades or brokers commodities from sugar to coffee to metals, made a profit of $57.7 million in the year ended Sept. 30, 2012, according to a filing with U.K. Companies House. That was down from $75.9 million a year earlier. The company’s directors didn’t recommend the payment of a dividend. The profit was after tax and before minority interests.
Howell joined ED&F Man in 1990 as finance director of the group’s brokerage business, according to the statement. Current CEO Muguiro, who has held the position for 10 years, will become chairman starting April 1.
Muguiro “has led our group through a period of continuous growth which, despite the global credit crises and difficult markets, has resulted in our net worth growing almost sevenfold since our demerger from Man Group Plc in 2000,” the company said in the statement.
Chris Smith, who joined in 2011, will become managing director of financial services starting Jan. 15, while Molly Harvey will become deputy chairman after three years as chairman, according to the statement. Smith and Van der Wild, who joined Volcafe in 2008, will both report to the CEO.
Suedzucker AG, a Mannheim, Germany-based sugar producer, last year took a 25 percent stake in ED&F Man, which trades sugar, coffee and liquid products including molasses. ED&F Man also has a shipping unit and a brokerage division, which deals in metals, foreign exchange, fixed income and equities, according to the company’s website.