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Noble Group Says CEO Alireza Resigns; Plans U.S. Asset Sale

  • William Randall, Jeff Frase have been appointed as co-CEOs
  • Company says plans to sell Noble Americas Energy Solutions
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Noble Group CEO Alireza Resigns

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For Noble Group Ltd., 2016 is shaping up to be just as turbulent as 2015. The commodity trader said on Monday that Chief Executive Officer Yusuf Alireza resigned and the Hong Kong-based group will be seeking to sell more assets in a bid to strengthen its balance sheet.

Alireza, 45, decided “the time was right for him to move on” after shifting Noble Group toward an asset-light model, selling its Noble Agri business and arranging a refinancing, Noble Group said in a statement to the Singapore stock exchange. He’ll be replaced by William Randall, Noble Group president, and Jeff Frase, president of Noble Americas, who’ll become co-CEOs. Richard Elman remains as chairman.