Gunvor’s Billionaire CEO Törnqvist to Quit in Staff Buyout (2)

Gunvor Group owner and co-founder Torbjörn Törnqvist will step down and sell his majority stake in the energy trader to senior staff, just weeks after the company was labeled a “puppet” of the Kremlin by the US government.

Gary Pedersen, the head of Americas who joined Gunvor in 2024 from Millennium Management LLC, has been appointed CEO, the company said in a statement.

The move represents the most dramatic fallout yet after the US Treasury Department announced abruptly that it would block a deal for Gunvor to buy the international assets of sanctioned oil major Lukoil PJSC, and alleged ...