Russian billionaire Oleg Deripaska plans to step down as the president of the two companies he controls, aluminum giant Rusal and En+ Group, two sources familiar with the matter told Reuters.
The change comes less than a month after the inclusion of Deripaska and dozens of Russian billionaires on a U.S. government list of Russian oligarchs.
Deripaska's En+ owns assets in metals and energy, including a 48 percent stake in Rusal, a Hong Kong-listed Russian aluminum producer, which is a big consumer of hydroelectricity produced by En+'s power companies.
Deripaska has decided to relinquish direct operational control in the two companies because En+ became a publicly-listed company after its share sale in November, one of the sources told Reuters.
The boards of directors of En+ and Rusal will consider the management changes at their meetings on Feb. 22, the source added.
Vladislav Soloviev, Rusal CEO, will become CEO of En+ and president of Rusal, while Rusal's current chief financial officer, Alexandra Bouriko, will be appointed Rusal CEO, one of Reuters' sources said.
Most metal sector analysts saw the news as neutral for Rusal and En+ given that a succession plan has already been lined up, drawing on existing company managers, which should ensure continuity.
https://www.reuters.com/article/us-russia-rusal-deripaska/russian-magnate-deripaska-to-quit-roles-at-his-two-biggest-firms-idUSKCN1G31D3?il=0
The change comes less than a month after the inclusion of Deripaska and dozens of Russian billionaires on a U.S. government list of Russian oligarchs.
Deripaska's En+ owns assets in metals and energy, including a 48 percent stake in Rusal, a Hong Kong-listed Russian aluminum producer, which is a big consumer of hydroelectricity produced by En+'s power companies.
Deripaska has decided to relinquish direct operational control in the two companies because En+ became a publicly-listed company after its share sale in November, one of the sources told Reuters.
The boards of directors of En+ and Rusal will consider the management changes at their meetings on Feb. 22, the source added.
Vladislav Soloviev, Rusal CEO, will become CEO of En+ and president of Rusal, while Rusal's current chief financial officer, Alexandra Bouriko, will be appointed Rusal CEO, one of Reuters' sources said.
Most metal sector analysts saw the news as neutral for Rusal and En+ given that a succession plan has already been lined up, drawing on existing company managers, which should ensure continuity.
https://www.reuters.com/article/us-russia-rusal-deripaska/russian-magnate-deripaska-to-quit-roles-at-his-two-biggest-firms-idUSKCN1G31D3?il=0
No comments:
Post a Comment