GENEVA/SINGAPORE, March 28 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
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
(Reporting by Emma Farge; Editing by Anthony Barker)