Noble Group, the commodities supplier backed by China’s sovereign wealth fund, named board member Tobias Brown as executive chairman.

Jamie O’Donnell was appointed executive vice president, and Richard Elman will become chairman emeritus, according to a statement sent today to the Singapore stock exchange.

 

Noble is seeking to double annual profit to US$1 billion ($1.36 billion)in three years as consumption of sugar, grains, coal and other resources increases in Asia with rising incomes. It raised about US$5 billion through debt and equity sales last year as it added coal mines in Australia, with China’s sovereign wealth fund becoming its second-largest shareholder.

 

Stephen Brown, director of investor relations of Noble, couldn’t be immediately reached for comment.

 

Noble shares were suspended from trading today. The stock gained 1.2% to close at $1.72 yesterday, narrowing this year’s decline to 18%.

 

Tobias Brown became a non-executive director of Noble’s board in December, according to a Dec. 17 statement on the company’s website. He was a former non-executive chairman, the statement said.

 

“I have entered into various personal agreements with Toby which ties his interests to my family shareholding in Noble,” Elman said in today’s statement, without giving details.