SINGAPORE (May 30): Noble Group on Monday said it has accepted the resignation of CEO Yusuf Alireza, who guided the embattled Singapore-listed company, though “some of the most difficult market conditions ever seen in commodities markets”.

“Alireza has helped guide Noble through a very challenging period, moving the company to an asset light, merchant focused model; he played a pivotal role in the successful sale of Noble Agri to a group of investors led by COFCO, and has also been instrumental in securing the recently announced re-financing, a crucial element in the process of giving the group a stable base from which to develop,” Noble said.

Senior executives William Randall and Jeff Frase have been named co-CEOs. Randall, based in Hong Kong, is currently President of Noble Group and an Executive Director. Frase, based in Stamford, Connecticut is currently President, Noble Americas and Head of Oil Liquids.

“I am delighted that Will and Jeff will be leading Noble Group's operations, as we embark on the company's next chapter. Their complementary commodities expertise and geographical focus will be hugely valuable as we position ourselves for the future,” said Noble Group Chairman and Executive Director Richard Elman.

Noble said it expects to announce some further additional leadership appointments in due course, as the business developments dictate.

Noble also announced it is selling Noble Americas Energy Solutions, which is expected to generate both significant cash proceeds and profits to substantially enhance the balance sheet. Full details will be released in the near future, the company said in a statement.

As at 9.06am today, Noble was trading 3.28% lower at 29.5 cents, as markets opened on Monday.