Noble Group CEO Alireza Quits as More Assets Put Up for Sale
- Trader to sell Energy Solutions unit; described as core asset
- Energy Solutions contributed 18% of operating income in 2015
Noble Group CEO Alireza Resigns
Noble Group Ltd. said Yusuf Alireza resigned as chief executive officer and announced a plan to sell a business that less than a month ago Alireza himself described as a core asset the trading company wanted to keep.
Alireza, 45, decided “the time was right” to leave after shifting the trader toward an asset-light model, selling its agriculture business and securing new financing, Noble Group said in a statement. In a second announcement, the company said William Randall, Noble Group president, and Jeff Frase, president of Noble Americas, will replace Alireza, and that the sale process for its North Americas Energy Solutions unit will start soon. The shares closed at the lowest level since January while bonds rose.