Alrosa Appoints New CEO after Ivanov's Early Departure
May 18, 23
(IDEX Online) - Alrosa yesterday announced the appointment of Pavel Marynichev as its new CEO.
He replaces Sergey Ivanov, who was sanctioned by the US, together with his father, after Russia invaded Ukraine last February.
Ivanov, who was due to serve until 2025, is stepping down early after six years at the helm. He told Kommersant, the politics and business newspaper that he'd focus on high-tech projects, but didn't give further details. He said reports that he'd be joining the private investment firm Volga Group were incorrect.
Ivanov's successor Marynichev (pictured) worked as a government official for the Republic of Sakha (Yakutia), where his remit included geology, before joining Alrosa, the state-run miner, as CEO of its Almazy Anabara (Diamonds of Anabara) division.
"I appreciate the trust placed in me by the Alrosa supervisory board. As CEO, I'll keep working to consolidate the company's dominant position on the global diamond market," he said.
The board unanimously decided he should serve as chairman and CEO for the next three years.
Alrosa has officially been sanctioned by the US since the start of the war, although the ban does not cover rough stones polished outside Russia, and has had little impact on its sales.
The company has not reported its rough and polished sales since January 2022, when it sold $325m. It said last August that it had no plans to lower its 2022 forecast production of up to 35m carats.
Ivanov, predecessor to Marynichev, was classified last February as a Specially Designated National (SDN) by the USA's Office of Foreign Assets Control (OFAC), as was his father Sergei Borisovich Ivanov, described by the US Treasury Department as "reportedly one of Putin's closest allies".