Russian Billionaire businessman Oleg Deripaska has taken over as the President of United Co. Rusal, the world’s largest producer aluminum, which he also owns. The 46 year old stepped down as that company’s CEO when he became its president.
After the news of the change broke, Rusal’s shares rose 3.6% to a 2-1/2 year high of HK$5.41 (US$0/70). So far this year Rusal stock has more than doubled due to a recovery in aluminum prices which resulted from the closure of smelters and coupled with an increase in demand.
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Deripaska will now be responsible for Rusal’s strategy, corporate development and external communications, according to a statement which was released by the company today. He is entitled to an annual base salary of $2 million and a discretionary yearly bonus of as much as $4 million. Soloviev will have a base salary of $3.5 million a year and an annual discretionary bonus of as much as $3.5 million, Rusal said.
Vladislav Soloviyev, 41, who has been first deputy CEO for the past four years, was promoted to CEO. Soloviev, who’s worked for Deripaska since 2001, is in charge of production, finance and other operational management issues, Rusal said.
Vanessa Lau, a Hong Kong-based analyst with Sanford Bernstein., told the Moscow Times that, “Deripaska taking on the new ‘president’ role shouldn’t change much. He will likely remain influential over the key company decisions, especially with regards to the stake in Norilsk Nickel.”