Gunvor Group reshapes leadership after founder’s exit and failed Lukoil deal

A bold new era begins at Gunvor as its founder steps down. Can internal leaders steer the company past setbacks and toward growth?

, and Administrator

2025 December 3 . 1:32 AM

1 min read

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Gunvor Group reshapes leadership after founder’s exit and failed Lukoil deal

Gunvor Group has announced significant leadership changes following the departure of its founder and largest shareholder, Torbjørn Tornkvist. The move comes after a failed deal with Lukoil and marks the end of the Tornkvist family's involvement in the company's management.

Torbjørn Tornkvist, the general director and main owner, will sell his controlling stake and leave the firm. His departure follows a proposed deal with Lukoil collapsing due to US licensing restrictions. The family and its representatives have now been removed from Gunvor's board and executive committee.

A management buy-out plan was first proposed at a general meeting in 2022. Under the new structure, no external owners will remain in the company. Gary Pedersen, currently head of Gunvor's American division, will take over as the new chief executive. Tawni Creswell, who joined the company in 2023, has also been appointed as CEO.

The changes aim to support Gunvor's long-term strategy and global expansion.

The leadership overhaul removes the Tornkvist family from all decision-making roles. Internal executives will now guide the company's future direction. The restructuring follows a period of uncertainty after the failed Lukoil agreement.