October 15, 2018 / 9:30 AM / a month ago

Deputy CEO of Singapore commodity logistics firm CWT steps down

MELBOURNE, Oct 15 (Reuters) - A deputy CEO at commodity logistics provider CWT on Monday said he was stepping down after nearly 18 years at the Singapore-based company, which is currently a unit of China’s HNA Group.

Sources said in September that HNA is in talks with banks to find a buyer for CWT, less than a year after it acquired the business in a $1 billion deal.

Adam Slater said in an email to Reuters that he was stepping down after “about 30 years in the biz” and that his departure was not connected to any potential developments at HNA.

A spokesman for HNA did not have an immediate comment, while CWT did not return a call seeking comment.

CWT is a London Metal Exchange-registered warehousing company that in 2011 bought marketer and trader MRI Trading AG. MRI was started by oil and metals trader Marc Rich, who ultimately also went on to found global trader Glencore .

Any sale of CWT would be the latest in a series of divestments aimed at slashing debt at HNA, an aviation-to-financial services conglomerate.

Slater, who worked at the Beijing office of Trans World Metals in the 1990s, joined CWT in 1999, according to his profile on Linkedin. He took up his current post in 2012. (Reporting by Melanie Burton Editing by Joseph Radford)

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