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BREAKING NEWS

BREAKING NEWS

Jean-Pierre Thomas becomes Rusal's new board chairman as part of deal with U.S.

Jean-Pierre Thomas becomes Rusal's new board chairman as part of deal with U.S.
Aluminium ingots are seen stored at the foundry shop of the Rusal Krasnoyarsk aluminium smelter in Krasnoyarsk, Russia October 3, 2018. Picture taken October 3, 2018. REUTERS/Ilya Naymushin -
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ILYA NAYMUSHIN(Reuters)
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HONG KONG (Reuters) - Russian aluminium company Rusal said on Friday that its board of directors has elected Jean-Pierre Thomas as its new chairman as part of an agreed restructuring in exchange for the lifting of U.S. sanctions.

The previous chairman, Matthias Warnig, stepped down earlier this week after six years at the world's largest aluminium producer outside China. His resignation was a condition of the deal.

Jean-Pierre Thomas, an independent non-executive director, has been appointed as chairman with effect from Jan. 1, Rusal said in a filing to the Hong Kong bourse.

The U.S. Treasury said last week it would remove sanctions against Rusal, its parent En+ and power firm EuroSibEnergo if they restructured to reduce the controlling stakes of businessman Oleg Deripaska, who is on Washington's sanctions list.

The deal is subject to a 30-day review period in the U.S. Congress. After the restructuring is completed, En+ will retain the right to nominate the producer's chief executive, the U.S. Treasury has said earlier.

 

(Reporting by Polina Devitt in Moscow and Donny Kwok in Hong Kong; Editing by Richard Pullin)

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