Pursuits
Billionaire Gunvor CEO Tornqvist Cutting Stake in Oil Trader
- Tornqvist said to have received dividend of about $1 billion
- Gunvor staff to increase holdings ‘substantially’ by year end
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Torbjorn Tornqvist, the billionaire co-founder and chief executive officer of Gunvor Group Ltd., is reducing his controlling stake in the oil trader as employees acquire a larger holding.
The Swedish national, who has sole voting rights, will cut his 78 percent stake to 70 percent as a group of more than 200 employees increase their holding from 22 percent, Gunvor said in an e-mailed statement on Tuesday. That employee stake will rise “substantially” by the end of the year and staff-owned shares will be granted full voting rights, it said.