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By Julia Payne
LONDON, Aug 7 (Reuters) - Global energy trader Gunvor Grouphas shaken up its management and appointed a new global head ofrisk as it re-aligns its offices after weathering a tough year,sources familiar with the matter said.
Since chief executive Torbjorn Tornqvist sold some of hisshares to employees, the firm has steadily been beefing up itsmanagement. Tornqvist currently holds 64 percent of the companythrough a family trust.
A seven-person management committee became a nine-personexecutive committee at the start of 2018. The year has also seena generational shift with some of the old guard leaving theGeneva-based firm that was founded in 2000.
After 12 years at the company, the company's head of crudeoil trading, Jose Orti, is retiring.
Pascal Michel, who was the former head of gasoil trading,was appointed the new global head of risk in June. Michel istaking the reins from Tim Legge, who announced his retirementearlier this year.
Also this month, Stephane Degenne was appointed the new headof structured trade development after being head of crude forEurope and Asia, while Jerome Gonelle, who was co-head ofgasoline with Stephen Kuster, will oversee coordination betweenglobal trading desks.
"It's part of the company's move to strengthen management,by promoting long-time traders and hiring new hungry ones assome retire," a source said.
Julien La Chon, who was head of business development inAsia, also left in the last week.
Gunvor's Asia presence has also seen other changes. PatrickMartin formally became the managing director in Singapore in Mayafter being named interim head in January.
As part of a wider reshaping of its activities, Gunvordecided to close its Bahamas trading office and open a Londonone focussed on natural gas.
The firm suffered a sharp profit drop last year afterinvesting heavily in building a North American presence althoughit expects to reap the rewards this year.
Other departures in the last few weeks include the firm'shead of market research David Fyfe as well as its head of humanresources Chris Gribben.
The trading environment has been harsh for many traders in2018 after a somewhat lacklustre 2017. Many traders caught outin abrupt price swings relating to U.S. crude.
BP reported a loss in trading in the second quarter whileRoyal Dutch Shell said its first half trading profits fell shortof expectations.(Reporting by Julia Payne; Editing by Adrian Croft)
