The Russian government has appointed Sergey Ivanov Jr. as CEO of diamond miner Alrosa, according to Mining Weekly and Rough & Polished.
Ivanov, 36, is the son of the former head of the Kremlin administration, and he has served as a senior VP of Sberbank since April 2016. The contract with Ivanov will be for three years, according to Mining Weekly. Alrosa’s current CEO, Andrey Zharkov, “is leaving the post ahead of schedule”, as per the same source.
“On the one hand, Ivanov lacks industry experience, but on the other hand he joins from Sberbank’s management team, which is well perceived by the market”, VTB Capital said in a recent note, quoted by Mining Weekly.
Alrosa is the world’s largest producer of rough diamonds in volume. Together with De Beers, both miners produce about half the world’s rough diamonds.
