- Joseph Delaney, bank’s ex-head of power trading, is new CFO
- Martin Mitchell, once bank’s COO for commodities, named COO
Phibro LLC has picked two Morgan Stanley veterans for top leadership roles as the storied commodities trader continues its reboot.
Joseph Delaney, former managing director for U.S. power trading at Morgan Stanley, has been appointed Phibro’s chief financial officer, and Martin Mitchell, once Morgan Stanley’s chief operating officer for global commodities, is the trading house’s new COO, Phibro said in a statement Monday. The two were also named partners at the Stamford, Connecticut firm.
Founded in 1901 as Philipp Brothers, Phibro traded chemicals and metals and would go on to help create the modern oil-trading market, employing a long line of famous traders including Marc Rich, Tom O’Malley and Andy Hall. The firm was closed in 2014 but restarted recently under the direction of ex-Morgan Stanley co-head of commodities Simon Greenshields, who said in a January interview that the company would start with a focus on North American energy.
Delaney, the new CFO, previously co-founded Waterville Capital LLC and was a founding member of hedge fund Old Lane LP, according to Phibro’s statement. Before that, he spent 16 years at Morgan Stanley.
Mitchell worked at Morgan Stanley for 23 years and also served on the bank’s global commodities management committee. He headed all scheduling and logistical oversight for physical commodities, Phibro said.
In May, Phibro and a group of investors said they would buy an Indiana clean-coal power plant and spend $450 million to convert it to fertilizer production, part of a plan to build out a fertilizer trading and marketing business.