Commodities trader Glencore PLC has lost another member of its oil trading division, with Guy Freshwater, head of crude oil trading in the United States, saying goodbye.
Freshwater resigned from his position last week, according to anonymous sources who spoke to Bloomberg, following another resignation by Ricardo Gomez, who also left the oil desk.
These are just the latest in a string of summer departures at Glencore, which in March paid some of its biggest bonuses ever to employees following a record year last year which left the commodities giant awash in cash.
Profits at Glencore’s trading arm hit a record $6.8 billion in 2022, as oil price volatility from the war in Ukraine created a golden opportunity.
Freshwater had been with Glencore for 20 years.
Glencore is currently battling not only a wave of resignations as its traders received hefty bonuses, but is also being sued by 197 claimants who allege that Glencore’s prospectuses for its LSE listing and merger contained “numerous untrue and misleading statements” arising from the company’s “failure to disclose that bribery, corruption and fraud were prevalent in the business activities of key operating subsidiaries”.
The plaintiffs alleged that they suffered damages as a result of these allegedly untrue statements.
Year to date, Glencore shares are down 12.23%.