News

December 2025 marked a defining moment in the history of our company — one we had been anticipating for some time.

Members of the management team led a buy-out of the company from its existing ownership. Majority owner Torbjörn Törnqvist agreed to sell his entire holding to a group of current employees, who now own the company outright. Under the terms of the deal, there will continue to be no outside ownership or external interests.

First conceived of by the company’s leadership at an all-hands retreat in Morocco in 2022, the management buy-out involved a series of structural and governance changes designed to ensure the long-term commercial success and global growth after 25 years in business. The timing was chosen to give the company a definitive reset — a path forward, free from misperceptions about its past that had become an impossible distraction.

New CEO

Gary Pedersen, who was signed in 2024 as CEO Americas based in Houston with the intention of eventually assuming global leadership, was appointed as chief executive officer.

“The time is right for this transition,” Pedersen said in December 2025. “A generational shift has well been underway, and we have the financial strength, liquidityLiquidity in the context of energy commodities trading refers to the ease with which an asset or security can be bought or sold in the market without affecting its price.... More, and depth of leadership to continue to advance our global growth strategy. Our goal is to uphold our leading role as a reliable and competitive participant in the global energy markets—today and well into the future.”

Growth & Diversification

The new ownership reiterated the existing strategy of pursuing global growth, diversification, and investing along the energy supply chain**Supply Chain** A supply chain is a complex network that includes individuals, organizations, resources, activities, and technologies involved in the production and delivery of a product or service from the... More, with a particular emphasis on investments and development within the U.S. market, along with Europe and Asia.

The company went on to implement changes to its Board of Directors and Executive Committee, which now exclude members of the Törnqvist family or representatives thereof, and prepared itself for further developments related to governance and leadership structures.

Biography of Gary Pedersen
Gary is a 30-year veteran of the energy commodities trading industry, with extensive international experience in trading management, logistics, and refining. He joined Centalion from Millennium Management LLC, where he served as Senior Portfolio Manager for cross barrel oil products**Oil Products** Oil products, also known as petroleum products, are the end products derived from the processing of crude oil in oil refineries. Crude oil is a fossil fuel that... More. Gary began his career in 1994 at Koch Industries, Inc., where he worked for various entities, including Koch Chemical Company, Flint Hills Resources, and Koch Supply & Trading. During this period, Gary held managing director roles in Rotterdam, Singapore, London, and Geneva. At Koch Supply & Trading SaRL, he oversaw trading around the company’s 85,000 bpd condensate splitter in Rotterdam, along with the trading of aromaticsAromatics are a group of organic compounds that contain a benzene ring or exhibit similar chemical properties. They are widely used as key raw materials in the production of various... More, natural gasNatural Gas Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane (CH4), but commonly includes varying amounts of other higher alkanes, and sometimes a small percentage... More liquids, naphthaNaphtha refers to a variety of volatile, highly flammable liquid hydrocarbon mixtures used mainly as solvents and diluents, as well as the raw material for conversion to gasoline. Reference: OECD <https://stats.oecd.org/glossary/detail.asp?ID=4614>... More, gasoline, and condensates. Gary studied and played football at Iowa State University and received a Finance degree from University of Nebraska Kearney. Gary is a U.S. citizen.