Exxon Mobil’s head of global trading, Tracey Gunnlaugsson, is retiring from the company. Gunnlaugsson was appointed to lead the division in 2023 after previously serving as vice president of human resources.
Her departure follows a $3.9 billion paper loss from derivatives in the first quarter. This loss contributed to Exxon reporting its lowest net income in five years.
Exxon attributed the trading loss to timing impacts related to the valuation of physical shipments and derivatives. The company expects these valuation impacts to reverse in future quarters. Exxon declined to comment on Gunnlaugsson’s retirement.