Noble Group's founder Richard Elman resigns

Richard Elman, Nobel Group's founder, resigns as non-executive director while the commodity trader is struggling to ensure its survival.

Richard Elman Photo: Bloomberg

Noble Group Ltd.'s Richard Elman resigned as a non-executive director as the commodity trader he founded decades ago struggles to secure its survival, with his decision announced a day after the firm slid into default.

The departure of Elman, who remains the top shareholder, was given in a statement to the Singapore exchange on Wednesday. The move was effective on Tuesday, the same day that S&P Global Ratings cut Noble Group's credit grade to a level signifying default after it failed to pay a bond.

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