Energy Trading Giant Vitol’s Long-Time CFO Is Leaving

Article content(Bloomberg) — Vitol Group’s long-standing chief financial officer Jeff Dellapina will retire and be replaced by Asia finance boss Jay Ng, the latest in a series of leadership changes in the global commodity trading industry. Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentDellapina — who has been Vitol’s CFO since 2010 — will step down by April, according to a company spokesperson. Former BNP Paribas SA banker Ng has worked at Vitol for over 17 years, most recently as its CFO and head of business development for Asia. He was nominated to Vitol’s board in 2024.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentIt’s the latest in a series of senior management departures at Vitol, the biggest independent oil trader. And it’s a pattern that’s been echoing across the privately held firms that make up the industry. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentTrafigura Group appointed just the third CEO in its history last year after several management departures, while Gunvor Group’s top executives are buying out its co-founder.

Mercuria Energy Group has brought in heavy-hitters to help run the firm.Article contentA wry-humored New Yorker, Dellapina’s reputation as a conservative manager of Vitol’s balance sheet helped steer the firm through a period of extreme market volatility and bumper profits. Earnings at the partnership-owned trader exceeded $36 billion over the past three years as an energy crisis triggered by Russia’s invasion of Ukraine fractured supply chains for oil, gas and coal.Article contentWhile paying out huge sums in share buybacks, Vitol has also been plowing those profits into a refining and global fuel retail network, as well as investing in upstream oil and a return to metal markets. The windfall has also contributed to a series of senior departures including board members Chris Bake, Gérard Delsad and Mike Muller. Article contentArticle contentDuring Dellapina’s time as CFO, Vitol maintained a reliance on commodity banks, eschewing the public disclosures that came with the initial public offerings and bond sales pursued by some rivals. Article contentBut the company did start tapping private and public capital to co-invest in a multitude of vehicles that fund natural resource asset deals. That includes refiner VAROPreem and fuel retailer Vivo Energy. Article contentThe structures, which provide access to commodity flows without exposing Vitol’s own balance sheet to what can be cyclical businesses, have subsequently been replicated across the wider industry.Article contentThe news was first reported by the Financial Times. Article content(Updates with details throughout)Article contentTrending As Cuba fuel crisis deepens, Canadians on the ground remain in vacation mode News John Manley: Why Canada needs to play it cool on CUSMA — and keep its options open Economy 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate Posthaste: Debt loads hit record as Canadians in financial distress pile on the loans News WestJet, Air Transat, Sunwing join Air Canada in suspending service to Cuba Airlines Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. As Cuba fuel crisis deepens, Canadians on the ground remain in vacation mode News John Manley: Why Canada needs to play it cool on CUSMA — and keep its options open Economy 'Escape hatches are gone': Power of sale listings surge in Toronto Real Estate Posthaste: Debt loads hit record as Canadians in financial distress pile on the loans News WestJet, Air Transat, Sunwing join Air Canada in suspending service to Cuba Airlines