Tom Mackay, who has spent more than two decades rising through the ranks of Louis Dreyfus and its successor IXM, is exiting the Geneva‑based metals trader. He took charge of the derivatives unit in December after a reshuffle triggered by Branko Buhavac’s appointment as CEO. The turnover comes as IXM seeks to streamline operations amid falling trade volumes and heightened scrutiny from its parent.

IXM operates as the trading arm of Chinese miner CMOC Group, channeling copper and cobalt from the conglomerate’s Democratic Republic of Congo mines and handling third‑party deals. The company disclosed a 15% drop in traded volumes to 4.7 million tons in 2023 and now forecasts 4‑4.5 million tons for the current year, while still branding its 2025 performance as “outstanding.” and aims to preserve its market share.

Mackay’s exit adds to leadership churn at IXM, raising questions about continuity in its derivatives strategy as volumes contract. Investors will watch whether the firm can sustain margins without his market‑making expertise, especially given competitive pressure from Trafigura and Glencore. The reshuffle underscores the challenges facing Chinese‑backed traders in a tightening commodities market.