PRESS: Deripaska to resign from president posts at RUSAL, En+

MOSCOW, Feb 19 (PRIME) -- Russian tycoon Oleg Deripaska plans to resign from the president positions at aluminum giant UC RUSAL and multi-industry holding En+ Group, Kommersant business daily reported on Monday quoting sources.

Deripaska will remain a non-executive director at boards of directors of the companies. Current CEO of En+ Maxim Sokov will become the president of the holding, while RUSAL CEO Vladislav Solovyov will become the president of the company and CEO of En+. RUSAL CFO Alexandra Bouriko will become the CEO of the aluminum giant, Kommersant reported.

Sources told the business daily that there are several reasons for the resignation.

The businessman has fulfilled his goal of listing En+ on the London Stock Exchange, defining strategy for the company’s development, and creating top-quality management, Kommersant reported.

There is no need for Deripaska to lead RUSAL – although his resignation comes in the time of transformation of the ownership structure, but the shareholder agreement remains in force. Another source told Kommersant that the management shuffle stresses En+’ role as the head company in the industrial segment.

Two sources in investment companies said that the resignation may be a consequence of Deripaska’s inclusion into the so-called Kremlin Report of the U.S., but sources close to the owners of the companies said that the decision was not in any way connected to the situation in Norilsk Nickel or to the Kremlin Report.

Sources said that Deripaska wants to work on development of carmaker GAZ Group, including development of strategic partnership with Volkswagen.

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