Armajaro CEO Stone Resigns as Co-Founder Gower Takes OverIsis Almeida
Armajaro Trading Ltd. Chief Executive Officer Andrew Stone resigned after seven months on the job. He’s the second CEO in less than a year to leave the position at the London-based supplier of soft commodities such as cocoa.
Richard Gower, co-founder of Armajaro Holdings Ltd. which also owns a hedge fund, will be the new CEO, the company said in an e-mail statement today.
Stone took over the top job on Jan. 14 from Gower, who at the time was acting CEO, having replaced Richard Ryan who left Armajaro in September.
Brian Buckley, a spokesman for Armajaro’s public relations representative Brunswick Group LLP, declined by phone to comment on the reasons for Stone’s resignation.
Armajaro Trading reported a loss of $10.3 million for the year ended Sept. 30, according to a filing to U.K. Companies House. That compared with a profit of $24.3 million in the 17 months ended Sept. 30, 2011. The company didn’t provide comparative figures for the year earlier. The company sold $2.85 billion in commodities in the reporting period ending in September 2012.
The International Finance Corp., the World Bank’s private lending arm, took a 6 percent stake and invested $55 million in Armajaro last year. Since then new appointments include a chief financial officer, at least two board members, a head of cocoa trading and a head of coffee trading.
Armajaro Trading in April said it ceased talks to take over Plexus Cotton Ltd., based in Liverpool, England. The companies said they were going to continue to work together on joint ventures.