LONDON May 27 ICAP, the world's largest interdealer broker, said on Tuesday that Paul Newman, the current managing director of its ICAP Energy unit, is to become chairman of the division.
Newman, who established ICAP Energy during his 24 years with the company, will take on the new role from July 1, ICAP said in a statement on Tuesday.
The move will see him step down from his executive responsibilities as head of energy and commodities in the Europe, Middle East and Africa region, and work across other asset classes to help extend services to non-banking clients.
He will report to David Casterton, chief executive of ICAP's Global Broking division.
Dennis Crum, the current chief executive of ICAP Energy U.S., will take on Newman's former role, ICAP said.
ICAP Energy offers real-time price discovery and execution services in products including crude oil, precious metals, electricity, weather derivatives and physical products.
(Reporting by Clare Hutchison, editing by Louise Heavens)