Essent Trading CEO resigns

Paymon Aliabadi, managing director and chief executive of Essent Trading, has resigned.

Aliabadi joined Essent Trading in June 2004 and was responsible for developing, leading and managing Essent Trading from a Netherlands based unit, largely supporting the group's sourcing activities, to an international, Geneva-based trading and wholesale company.

Aliabadi will be replaced by Andrew Netemeyer, who will assume the role of managing director and chief executive of Essent Trading effective immediately, whilst also maintaining his responsibilities as chief trading officer.

"We do not know where Paymon is going next but after five years with Essent, he decided the time had come in his career to look for a new challenge. There will be a lot of opportunities for him because of his great experience and outstanding achievements," says Jeroen Brouwers, Essent spokesman.

In January 2009, Germany's RWE announced that it would buy Dutch utility Essent in an all-cash €9.3 billion deal. Essent will become RWE's operating company in the Netherlands and Belgium, and will continue as an independent entity.

"We agreed with RWE that our trading activities will be integrated with the supply and trading activities of RWE so that process is going on and we will see what the management structure will be after the integration is complete," says Brouwers.

Stephen Cornish lead vice-president of capital trading at Essent has also resigned. Essent said they do not comment on individual traders but confirmed he had left the company. "The employment market for traders moves very quickly and these two resignations in the space of one week are entirely normal and just happen in the course of several years with a company," Brouwers says.