Rusal reveals name of new board chairman

Rusal reveals name of new board chairman
Jean-Pierre Thomas Photo: Anatoly Medved / TASS

Rusal announced that Jean-Pierre Thomas assumes office on January 1, 2019.

The announcement of Rusal, which was distributed on the Hong Kong Stock Exchange, says that independent non-executive director Jean-Pierre Thomas will become the new chairman of the board of directors on January 1.

On December 26, it became known that Matthias Warnig had resigned from this post after six years of work. He explained this decision by a new stage of strategic development and the possible exclusion of Rusal from the OFAC sanctions list.

After the announcement of the resignation, the company's shares increased sharply both in Hong Kong and in Moscow. This is explained by the fact that the change of the chairman was one of the conditions for the abolition of the US sanctions.

On December 19, the US Department of the Treasury notified Congress of a decision to exclude UC Rusal, as well as En+ and Eurosibenergo from the sanctions list within 30 days. One of the conditions was a reduction in the share of Deripaska in En+ holding, the largest shareholder of UC Rusal and Eurosibenergo. The resignation of Warnig was also one of the conditions for lifting the sanctions. Also, the decision was influenced by changes in the boards of directors and the appearance of US and UK citizens there. The Kremlin said that the company's withdrawal from US sanctions is a corporate matter.

Thomas is an economist who was Nicolas Sarkozy's adviser on cooperation between France and Russia. He is the author of some books on business theory. In 1998–2013, he was a partner of the Lazard financial group.

Tags: Oligarchs
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