Arcadia Petroleum replaces CEO, cuts back trading desk -sources
GENEVA/SINGAPORE, March 28
GENEVA/SINGAPORE, March 28 (Reuters) - Energy trader Arcadia Petroleum plans to replace its long-serving CEO, a well-informed industry source said, and other sources said it would restructure its trading desk in the latest sign that profit margins in the sector are shrinking.
Arcadia, which is one of the world's top oil traders and is owned by a Norwegian shipping magnate, will part company with its British CEO Peter Bosworth who joined as a novice trader more than 20 years ago.
Bosworth will be replaced by Paul Adams, who is currently with Arcadia and was formerly a senior executive in oil trading at BP.
The company did not respond to two requests for comment.
Arcadia owner Fredriksen, one of the world's richest men known in the shipping sector as "Big Wolf", also owns shipping company Frontline 2012 which he plans to list in New York. (Reporting by Emma Farge; Editing by Anthony Barker)