ALROSA named a candidate for the post of CEO

ALROSA CEO Sergey Ivanov, whose contract expires in 2025, fell under US sanctions after the start of a special operation in Ukraine.The Supervisory Board will consider in his place the head of one of the "daughters" of the company and the former Deputy Prime Minister of YakutiaPavel 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.

Sergey Ivanov, who has headed ALROSA since March 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. “Directives of the Government of Russia on the issue of dismissal of the General Director - Chairman of the Board Ivanov S.S. and [on] the election of P.A. Marinychev to the position of the head of the company. received, the meeting of the Supervisory Board will take place in the near future,” said Anton Siluanov, Minister of Finance, Chairman of the Supervisory Board of ALROSA. The Federal Property Management Agency owns a 33% stake in ALROSA.

Since 2016, Marinychev has been the head of Almazy Anabara, a production subsidiary of ALROSA, and before that, for more than six years, he held the position of First Deputy Chairman of the Government of Yakutia, where he oversaw issues of geology, subsoil use, industry, housing and communal services, energy and construction. His appointment to the post of the head of ALROSA “best meets the challenges facing the company, given his extensive experience in the field of production and professional knowledge of the specifics of the mining industry, exceptional personal efficiency and high managerial potential,” the message says. “I have known Pavel Marinychev for many years both from his work in the government of Yakutia and from interaction with him as head of Almazov Anabar. Therefore, I recommend him as a highly professional, advanced, active leader and a deeply decent person, always not indifferent to the needs of people and the development of our republic, ”added the head of Yakutia Aisen Nikolaev (the government of Yakutia owns 25% plus one share of the company, another 8% belongs to the Yakut uluses).

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." The volume of ALROSA's investment program in 2017-2022 exceeded 161.2 billion rubles, of which 52.4 billion rubles. was directed to exploration, which allowed the company to put on the balance of 142.6 million carats of diamonds. The volume of explored deposits makes it possible for the Russian diamond mining industry to function for a period of more than 30 years, the press service notes. The company's net debt has been reduced from 112 billion rubles. at the beginning of 2017 to “near-zero values”.

In December 2022, RBC sources said that Ivanov decided to resign before the expiration of the labor 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. RBC sent a request to a representative of the Volga Group. ALROSA's message says that Ivanov will continue to work in the Supervisory Board of ALROSA and will advise shareholders and management on topical issues of the company's development strategy. His future career plans are not specified.

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. At first, Moiseev did not comment on this, but after the publication of the RBC article, he said that "this is not so."

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On the first day of Russia's military special operation in Ukraine, February 24, 2022, the US Treasury imposed sanctions against Ivanov as the son of Sergei Ivanov, the presidential 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, the head of ALROSA 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 explained. 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 Nikolaev, at the end of last year, Ivanov said that she was working as usual and did not plan to reduce production plans and social obligations.