Richard Elman has decided not to take up the role of executive director of New Noble, the entity being formed as part of the restructuring of Hong Kong-based commodity firm Noble Group.
Noble announced today, just a week before shareholders meet to vote on the company’s restructuring plan, that Elman has decided that for personal reasons he will not be taking up the appointment.
Elman, the founder of Noble Group, resigned from the board of Noble in March, but just over three weeks later the company announced he would take up the role of executive director of the restructured New Noble.
The board of New Noble is set to be in place by the time the restructuring is completed, and will include a member from Abu Dhabi Financial Group’s Goldilocks Investments who have already agreed to the restructuring.
“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 a Fortune 500 company,” Noble said in a statement.