Noble Group founder Richard Elman resigns as non-executive director; cost of restructuring likely to match market cap

SINGAPORE (Mar 21): Noble Group founder Richard Elman has resigned as a non-executive director on the embattled commodity supplier's board, ending a three-decade career.

The resignation of Elman, 77, was effective Tuesday, Noble said in a statement moments before trading in its shares started in Singapore on Wednesday. As at 11.09am, Noble shares were down 8.9% to 10 cents, taking this week's losses to 23%.

Elman announced his retirement as executive chairman of Noble in 2016 after the remarkable rise and fall of one of the world's biggest commodities traders.

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