ALROSA named a candidate for the post of CEO

The current HEAD of ALROSA, Sergey Ivanov, whose contract expires in 2025, fell under US sanctions immediately after the start of a special operation in Ukraine.The Supervisory Board will consider in his place the candidacy of the general DIRECTOR of one of the "daughters" of the companyPavel Marinychev

The Supervisory Board of the world's largest diamond mining company ALROSA will consider the candidacy of Pavel Marinychev for the position of its CEO and Chairman of the Board. This is stated in the message of the company received by RBC.

The current CEO Sergey Ivanov, who has been heading ALROSA since 2017, plans to leave this post. The decision to appoint Marinychev will be made at a meeting of the Supervisory Board in the near future, the company said.

Since 2016, Marinychev has been the head of ALROSA's subsidiary Almazy Anabara.

His appointment "best suits the challenges facing the company, given his extensive manufacturing and mining industry experience, exceptional personal performance and strong managerial potential," the statement said.

The company also said that when changing leadership, it is important for it to preserve the results "from the strategic decisions made over the past six years."

Last February, RBC sources reported that Deputy Finance Minister Alexei Moiseev, who has been a member of the company's supervisory board for almost five years (since June 2018), became a candidate for the post of CEO of ALROSA.

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Last December, RBC sources said that Ivanov, who has headed ALROSA since March 2017, decided to resign before the expiration of his employment contract (ends in the spring of 2025). Then the interlocutor, surrounded by a top manager, specified that he could go to one of the structures associated with Gennady Timchenko's Volga Group, as a partner in one of the projects. The Volga Group does not comment on this.

On the first day of the special operation, February 24 last year, the US Treasury imposed sanctions against Ivanov as the son of Sergei Ivanov, the president's special representative for environmental protection, ecology and transport. The American authorities explained this by the fact that they consider his father "Putin's closest ally", and also by the fact that Ivanov Sr. was the head of the presidential administration, deputy prime minister and minister of defense. Subsequently, CANADA , Australia and Great Britain imposed sanctions on the head of ALROSA .

In early March last year, the US Treasury included ALROSA, along with other Russian state-owned companies, on the sanctions list, prohibiting them from raising capital through the issuance of shares and bonds in the United States. In April, the Office of Foreign Assets Control (OFAC) of the US Treasury expanded sanctions against the company: new restrictions included freezing assets.

After that, Ivanov asked the Supervisory Board to reduce his salary by half. “It was his personal initiative, it does not concern the rest of the employees,” a company representative said. ALROSA invited customers to pay for diamonds in euros and other currencies rather than dollars, and then suspended publication of monthly sales data. But at a meeting with the head of Yakutia, Aisen Nikolayev, at the end of last year, the head of the company said that the company was operating as usual and had no plans to reduce production plans and social obligations.