Thomas OMalley Chairman of Phibro Energy a subsidiary of Salomon Bros Inc &lt;SB> has left the company to form his own oil trading firm because of unhappiness with the current arrangement between Salomon Brothers and Phibro Energy industry sources said. Earlier he resigned as a Director and Vice Chairman of Salomon Inc. A Salomon spokesman did not deny that OMalley had left the company but offered no further comments at this time. Al Kaplan another former Phibro Energy executive will join the new business the sources said. The new company Argus Energy is located in Stamford Conn. and will begin active trading in June of this year.
PHIBRO ENERGY CHAIRMAN SAID TO HAVE RESIGNED