Home » IXM Refined Metals Co-Head Sethaputra Exits Company

IXM Refined Metals Co-Head Sethaputra Exits Company

Major Shift at IXM as Co-Head of Refined Metals Departs

by Ikeoluwa Ogungbangbe

IXM, a major player in the global metals trading industry, is experiencing a noteworthy transition in its leadership structure due to the resignation of co-head of refined metals Adhitya Sethaputra. This move is the most recent in a string of staff changes and strategic reorganizations at the company, which is controlled by the Chinese mining giant CMOC Group.

Adhitya Sethaputra, who has been a key figure at IXM since 2012, is leaving the Geneva-based trading house. His departure was confirmed by an IXM spokesperson and reported by Bloomberg. Sethaputra’s exit leaves Tom Mackay as the sole head of refined metals at IXM. Sethaputra’s tenure at IXM began when it was still part of the metals trading arm of the agricultural giant Louis Dreyfus Co., where he held significant positions including head of aluminum before ascending to co-head of refined metals.

The announcement comes at a time when IXM is reevaluating its market strategy, particularly in the aluminum sector. Earlier this year, the company declared its intention to scale back its operations in the aluminum market, a strategic pivot that reflects broader changes within the company and the industry.

Under the leadership of Chief Executive Officer Kenny Ives, a former executive at Glencore, IXM has been navigating a period of substantial internal restructuring. Ives, who assumed leadership in 2022, has initiated a series of bold moves aimed at reshaping the company’s focus and operational strategy. These changes include a hiring spree coupled with cuts in other areas and a significant reshuffling of internal teams.

The spokesperson from IXM elaborated on the decision to move towards a single head structure for the refined metals business, stating that this model would be “more appropriate” especially considering the wind-down of their aluminum operations. This structural change is part of a broader strategy aimed at streamlining operations and enhancing efficiency within the company.

IXM stands as the third-largest metals trader globally, trailing behind industry giants such as Trafigura Group and Glencore Plc. The departure of Sethaputra and the strategic shift away from aluminum signify a critical phase of transformation for IXM as it adapts to changing market dynamics and internal leadership shifts.

The changes at IXM highlight the volatile nature of the global trading market, especially in sectors as dynamic as metals trading. As the company continues to adjust its strategies under the new leadership of Kenny Ives, industry observers and stakeholders will be watching closely to see how these transformations will affect IXM’s position and operations in the global metals market.

This time of change at IXM is indicative of larger trends in the sector, as businesses are progressively reassessing their leadership structures and market strategies in response to changing consumer needs and global economic conditions. The loss of a seasoned leader such as Sethaputra and the strategic restructuring of operations highlight the many opportunities and challenging situations that IXM will face as it works to preserve and grow its competitive advantage in the market.

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