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Oleg Deripaska yields post of Russia’s aluminium giant Rusal CEO to his deputy

November 18, 2014, 8:48 UTC+3 MOSCOW
Vladislav Solovyov, formerly the first deputy director general, has become the CEO of the company, in line with a decision approved by the board of directors
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Oleg Deripaska

Oleg Deripaska

© Mikhail Metsel/TASS

MOSCOW, November 18. /TASS/. Oleg Deripaska has left the post of director general of Russia’s Rusal and has become the president of the aluminium giant, the company’s statement said on Tuesday.

Vladislav Solovyov, formerly the first deputy director general, has become the CEO of the company, in line with a decision approved by the board of directors.

The decision took effect on November 17.

A source close to a Rusal shareholder earlier told TASS that Deripaska could leave the post and take up another position. “This is one of the possible scenarios but it is not the fact that it will be fulfilled,” the source said.

Deripaska told Rossiya-24 TV in September that the shareholders would not let him resign.

Rusal has assets in 13 countries across five continents. The company owns 15 aluminium smelters, 11 alumina refineries and 8 bauxite mines. Deripaska’s En+ Group holds some 48.1% of Rusal’s shares, Onexim Group of Mikhail Prokhorov owns 17.02%, SUAL Partners of Viktor Vekselberg and Leonid Blavatnik — 15.8%, Amokenga Holdings — 8.75%, and the company’s management — 0.26% Some 10% of shares are in free-float.

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