Vitol, the world’s largest independent energy trader, is undergoing a leadership transition with the retirement of its long-serving Chief Financial Officer, Jeff Dellapina. He will be replaced by Jay Ng, currently the firm’s Asia finance chief, in a move that reflects a broader changing of the guard within the commodity trading industry. The handover is expected to occur in the coming months.
Dellapina joined Vitol in from JPMorgan, playing a key role in navigating a period of substantial growth for the privately held company. The announcement confirms reports of his impending departure after more than fifteen years as CFO.
Ng’s appointment marks a geographical shift in the company’s financial leadership. Having begun his career at PwC, he joined Vitol in and has been a member of the firm’s eight-person executive board since . Unlike Dellapina, who is based in London, Ng is expected to remain in Singapore, where he currently oversees the company’s financial operations in Asia.
This transition at Vitol follows similar moves at its competitors. Both the CEO and CFO of Trafigura have changed in the past two years, and in December, Torbjörn Törnqvist, the 72-year-old co-founder and chief executive of Gunvor, announced his resignation and the sale of his 86 percent stake to senior employees. These changes collectively signal a generational shift within the industry, occurring after a period of exceptional profitability.
Vitol, founded in Rotterdam, has traditionally focused on energy trading but has recently begun diversifying into metals. The company’s financial performance has been particularly strong in recent years. While Vitol does not publicly disclose its full results, filings from its Luxembourg holding company reveal a significant increase in earnings. These earnings rose from $2.3 billion in to a record $15.1 billion in , followed by $13.2 billion in and $8.7 billion in .
The substantial profits have translated into significant payouts for Vitol’s nearly 600 senior staff, who collectively own the company. In alone, the company distributed $10.6 billion to its employee owners, averaging more than $17.5 million per partner. Senior executives, such as Dellapina, likely received considerably larger distributions.
Dellapina, a former investment banker, was highly regarded by Vitol’s lenders and was a staunch advocate for the company’s privately owned structure. He firmly dismissed the possibility of an initial public offering (IPO) during his tenure. In , he stated to the Financial Times that there was “no chance” of Vitol going public while he was CFO, expressing confidence in his ability to rally opposition to such a move.
Vitol has consistently resisted greater financial transparency, differentiating itself from competitors like Trafigura and Gunvor, which have publicly released their annual earnings since . Vitol’s financial performance remains largely opaque, disclosed only through the filings of its Luxembourg holding company.
The timing of these leadership changes coincides with a period of volatility and opportunity in the commodity markets. The Covid-19 pandemic in and Russia’s invasion of Ukraine in created significant disruptions to global supply chains, leading to increased price fluctuations and heightened trading activity. These events have benefited commodity trading houses like Vitol, allowing them to capitalize on arbitrage opportunities and increased demand.
The appointment of Jay Ng, with his experience in Asia, suggests Vitol is prioritizing growth in this key region. As global energy demand continues to shift eastward, particularly in countries like China and India, having a strong financial leader based in Singapore will be crucial for navigating the complexities of these markets.
Dellapina’s departure marks the end of an era for Vitol, but the company appears well-positioned to continue its success under new leadership. The transition comes at a critical juncture for the commodity trading industry, as companies grapple with evolving geopolitical risks, increasing regulatory scrutiny, and the ongoing energy transition.
