VTB Capital introduces representative to En+ board of directors
MOSCOW. Feb 2 (Interfax) - VTB Capital, which shelled out $500 million for 4.35% of En+ Group's shares last summer, has introduced its representative to the board of directors of Oleg Deripaska's holding.
According to information on En+'s website, Riccardo Orcel has joined the company's board of directors. Prior to his move to VTB Capital last year, he held a top management position at Bank of America Merrill Lynch.
Orcel joined En+'s board of directors last fall, En+ told Interfax.
New changes were made to the board in December. Nat Rothschild, previously the board's chairman, left the board, citing his need to devote more time to developing his own projects - the companies Bumi and Genel Energy, an En+ representative said.
Rusal's First Deputy General Director Vladislav Solovyev, deputy chairman of the board, is still fulfilling the functions of chairman. A new chairman will be elected at the next meeting, the representative said.
Another change made to the board was Kirill Vishnevsky's replacement of Andrei Zagorsky.
En+'s board of directors has eight members, one of which is an independent director - Philippe Mailfait.
En+ holds a 47.4% stake in Rusal, owns EuroSibEnergo, ferromolybdenum producer SMR, coal fields and a logistics business. Other En+ Group businesses include a project for producing iron ore, gold and other resources, as well a project in nuclear energy.
