(Bloomberg) -- Commodities trader Trafigura named Gonzalo De Olazaval and Kostas Bintas as global co-heads of metals and minerals, following the departure of Amin Zahir earlier this year.
The appointments come as the trading house posted a record annual profit after cashing in on dramatic price swings in commodities markets.
Ross Ridgway will replace Bintas as global head of copper, while Antonio Ordonez and Matthew Hadfield will be the co-heads of the zinc and lead desk, Trafigura said Tuesday in an emailed statement. The changes, which are effective immediately, were reported earlier today by Reuters.
Trafigura, the second-biggest oil and metals merchant, posted net income of $3.1 billion for its fiscal year ended Sept. 30, a 94% increase from the year before, as volumes soared along with price volatility.
Trafigura, based in Singapore but with its top executives in Geneva, saw its equity value soar 36% from 2020 to $10.6 billion, the first time in the firm's 28-year history it has topped $10 billion.
That came even as the company lavished its senior traders and executives with $1.1 billion in dividends and share buybacks, the principal way it rewards its top employees. The payout represented an 87% increase from the $586 million it paid out the year before.
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