Gunvor founder to hand $6.6bn trader to management led by US head

Torbjörn Törnqvist, the co-founder of commodities trading house Gunvor, has agreed to transfer control of the $6.6bn firm to a management group led by the company’s US head, Gary Pedersen. The move follows mounting scrutiny of Gunvor’s historical links to Russia and pressure from investors and stakeholders for a governance solution that distances the business from political risk.

Under the arrangement, the management-led buyout will take ownership of the trading business previously overseen by Törnqvist. Details on the transaction structure and financing were not disclosed publicly, but industry sources say the deal is intended to ensure operational continuity while addressing reputational concerns. Gunvor will continue its commodity trading operations and maintain relationships with counterparties, customers and regulators.

The decision marks a notable shift for a company that has grown into one of the world’s largest independent energy traders. Törnqvist, who helped found Gunvor and guided its expansion, has faced increasing external pressure linked to the group’s past dealings and connections in Russia. Executives and board members reportedly concluded that a management transition would better position the firm to navigate heightened regulatory and public scrutiny.

Gary Pedersen, who leads Gunvor’s US operations, is expected to head the management group acquiring the business. Pedersen’s leadership role underscores the company’s desire to emphasize a global, diversified management team and reinforce compliance, oversight and risk controls. Observers say the handover aims to reassure markets and counterparties while preserving the firm’s commercial capabilities.

Analysts view the buyout as pragmatic: it allows an orderly transfer of control without a disruptive sale and signals to clients and regulators that Gunvor is prioritizing governance and independence from contentious geopolitical ties. The transaction will likely attract attention from competitors and market participants tracking shifts among major commodity traders.

Gunvor’s exact timetable for the transfer, and any regulatory approvals required, remain unclear. Stakeholders will be watching for further disclosures about the buyout’s financial terms, governance arrangements and measures the new ownership group will take to strengthen compliance and transparency across its trading operations.