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Chief executive of commodities trader Noble Group resigns

AFP

Beleaguered Asian commodities trader Noble Group on Monday announced the resignation of its chief executive Yusuf Alireza and a further asset sale to strengthen its finances.

Alireza led the company during a difficult time which saw its share price plunge amid falling commodity prices.

Noble's credit rating has been downgraded to junk status and its accounting practices have been attacked.

The Hong Kong-based firm, which has strong links to China, is listed on the Singapore stock exchange.

Its shares closed at 28 Singapore cents (20 US cents) on Monday after the announcement, down 88 percent from a peak of Sg$2.34 (in January 2011.

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Noble has sold its agricultural arm to China's largest food company COFCO and will be selling Noble Americas Energy Solutions to raise funds and reduce debt.

Alireza, who headed the company for four years, will be succeeded by William Randall and Jeff Frase, who will be co-chief executives, the company said.