(Bloomberg) -- Trafigura Group has appointed gas, power and renewables head Richard Holtum as its new chief executive officer, replacing Jeremy Weir who will remain chairman of the commodity trading giant.

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Holtum, a 39-year-old former British army captain who joined Trafigura a decade ago, will become CEO on Jan. 1, the company said in a statement. The announcement marks only the second CEO handover in Trafigura’s 31-year history, after Weir took over in 2014 from founder Claude Dauphin, who remained chairman until his death the following year.

As part of the leadership transition, Holtum will hand over his current responsibilities to Igor Marin, currently head of power trading, with effect from Oct. 1.

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