MOVES-Top distillate trader departs Gunvor, sources say
By Georgina McCartney, Arathy Somasekhar and Liz Hampton
HOUSTON, May 8 (Reuters) - Houston-based distillate trader Zak Banks is departing global commodity trading house Gunvor [RIC:RIC:GGL.UL], three sources told Reuters on Friday.
The reason for his departure was unclear. Gunvor declined to comment, while Banks could not be reached for comment.
The Swiss-based commodity trader recorded an 85% drop in net profit in 2025 to $104 million, according to financial results released in April.
The sharp drop came as Gunvor employees staged a management buyout to replace former CEO and co-founder Torbjorn Tornqvist with Americas head Gary Pedersen late last year.
Pedersen said the company had already made the equivalent of its 2025 gross profit, $1.63 billion, in the first quarter of 2026, after what he called a pick-up in "constructive volatility" late last year.
Gunvor is one of the world's largest oil trading houses, buying and selling the equivalent of 3% of the world's oil supply every day.
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