Singapore’s Noble Group has seen its share price drop after its co-chief executive officer resigned.
Jeffrey Frase left the commodities giant yesterday with immediate effect.
In a statement Noble said the decision was to allow Mr Frase to “pursue other opportunities”.
Share price is Noble is now at a six month low having dropped 4.55% to 0.21SGD.
William Randall, who is currently co-chief executive officer and executive director of Noble Group will, effective from 13 November 2017, serve as chief executive and continue as an executive director.
Noble said in a statement that Frase had been the guiding force behind the expansion and profitability of the group’s global oil liquids platform in recent years and, under his leadership, the business has been successfully positioned for the proposed disposal to Vitol.
The firm added: “With the completion of the Proposed Disposal expected by the end of 2017, Mr. Frase has decided to resign as co-CEO and global head of oil liquids to focus on other opportunities where his leadership, market knowledge and extensive network can be leveraged.
“The board would like to thank Mr. Frase for his leadership input across the group over the years, and especially for successfully guiding the oil liquids business towards a new opportunity for its employees, customers and proposed owners.”