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Noble chairman Richard Elman to stand down

Noble Group chairman Richard Elman is to stand down from the embattled commodities firm.

Marcus Hand, Editor

June 3, 2016

1 Min Read
Kalyakan - stock.adobe.com

Days after announcing the resignation of ceo Yusef Alireza, Noble said on Friday that its founder, Elman would be standing down as executive chairman within the next 12 months. The position of executive chairman will be eliminated with the company searching for a non-executive chairman.

Noble has been through a tumultuous period over the last 18 months facing public scrutiny over its accounting standards after it came under attack from anonymous blogger Iceberg Research.

Its already hard hit share price took another pummeling on Friday morning losing 13.3% to drop to SGD0.26 as it announced a $500m rights issue priced at SGD0.11 per share, a 63% discount to its closing price on Thursday. Both Elman and China Investment Corp will be taking up 9.6% of the issue.

Noble also said it planned to reduce its staff and cut its selling, administrative and operating expenses by 20% in 2016, coming in part from the sale of Noble Energy Americas Solutions announced on Monday.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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