Rusal fumes as Norilsk appoints Strzhalkovsky 11th August 2008

norilsk nickel factory cropped

Norilsk Nickel's board of directors have voted in Vladimir Strzhalkovsky as their new General Director, despite the fact that he has no experience of the metals and mining industry.

UC Rusal, which holds a 25 per cent stake in Norilsk, was in opposition to the move and is attempting to gain control of the company against Vladimir Potanin.

Three of the members who represent UC Rusal voted against Mr Strzhalkovsky's appointment saying someone with experience of the industry was needed.

Mr Strzhalkovsky worked for the KGB from 1980 to 1991 and was most recently the head of the Federal Tourism Agency.

Mr Potanin claims that his appointment will ensure state support for the firm as well as "stability and co-operation" between its shareholders.

Alexander Bulygin, Chief Executive of UC Rusal, said that the company would contest the decision and plans to call for an extraordinary general meeting to re-elect the board.

Source:

Results of MMC Norilsk Nickel’s Board of Directors meeting, 08/08/08
http://www.nornik.ru/en/press/news/2309/

Norilsk board votes in ex-KGB agent as chief, 08/08/08
http://www.ft.com/cms/s/256e2654-6580-11dd-a352-0000779fd18c,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F256e2654-6580-11dd-a352-0000779fd18c.html&_i_referer=

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