SINGAPORE (Aug 20): Richard Elman, the founder of Noble Group, will not take up the position as an executive director of the embattled commodities trader after its restructuring.

Elman’s decision not to take up the position as previously announced was due to personal reasons, said the company in a stock exchange filing on Monday, and comes days ahead of a crucial shareholder vote on its planned US$3.5 billion (S$4.8 billion) restructuring.

(See: Iceberg's Vagner slams Noble restructuring, calls securities holders to join in lawsuit)

“The company and the board would like to thank Mr. Elman and acknowledge his immense contribution in founding and leading the company which during its history became the largest commodities company in Asia, a platform for the careers of thousands of people in the industry, and... (Click here to read the full story)