Gunvor CEO Torbjörn Törnqvist resigns after US labels firm »Kremlin puppet«

The global commodity trader Gunvor announced today that longtime CEO and majority shareholder Torbjörn Törnqvist has stepped down with immediate effect and is selling his roughly 85 percent stake in the company in a management-led buyout. The move comes in the wake of sharp criticism from the U.S. government, which recently branded Gunvor a »Kremlin puppet« — a label that triggered the collapse of its planned acquisition of Russian oil company Lukoil and prompted major financing partners to withdraw.

In a statement, Gunvor said that ongoing perceptions about its past have become »an impossible distraction.« As part of the reset, shares will be transferred to about 60 senior employees as part of the buyout. The company emphasised its intention to avoid any external ownership — stressing a decentralised structure under new leadership.

Former head of Gunvor’s Americas business, Gary Pedersen, will take over as CEO. Gunvor is also shifting focus toward expansion in U.S. shale gas and liquefied natural gas (LNG), signaling a strategic pivot away from its controversial ties to Russia.

Critics see this as an attempt to salvage the company’s global business viability. For investors, lenders and international partners, the announcement is a moment of truth: Either Gunvor can successfully rebrand and regain trust — or its legacy could permanently damage its operations.

SK