12 May 2023 17:32

Fmr Yakutia deputy PM Marinychev could head Alrosa instead of Sergei Ivanov - sources

MOSCOW. May 12 (Interfax) - Pavel Marinychev, a former first deputy prime minister of Yakutia, could become the CEO of diamond miner Alrosa instead of Sergei Ivanov, who is stepping down, sources familiar with the discussion of the matter told Interfax.

Marinychev currently heads Almazy Anabara, which is Alrosa's alluvial diamond mining division.

One of the sources said the matter can be considered decided. Another said a government directive for state representatives on the supervisory board on the early termination of Ivanov's powers and the election of Marinychev had been drafted but it was not known whether it had been signed.

Personnel changes may be announced at the next meeting of the Alrosa supervisory board, a source close to the board told Interfax.

A three-year contract might be signed with the new CEO.

Ivanov's first contact at Alrosa was for three years, in 2017. It was extended by five years in 2020.

Although Ivanov's contract only expires y in 2025, he is going to leave the diamond mining company for to Gennady Timchenko's Volga Group, RBC reported last December.

Ivanov, son of the ex-head of the Russia presidential administration, Sergei Ivanov, was added to the SDN list in February 2022. Alrosa was hit by U.S. sanctions. Despite this and the departure of a number of long-term customers, the company has by and large managed to stabilize sales by relying on traditional Indian counterparties and conducting settlements in the currencies of friendly countries.

Marinychev, 44, headed the alluvial diamond subsidiary in June 2016. He was deputy then first deputy head of the government of Yakutia, the internal Russian republic where Alrosa is based, for six years prior to that. He was a manager at Sakhatransneftegaz in 2005-2010.