En+, the holding structure responsible for managing the energy, power and aluminium assets of Basic Element, Monday announced that Andrew Michelmore, CEO of En+ and currently deputy chairman of Rusal's board, would replace Oleg Deripaska as chairman of the board of Rusal with immediate effect. Rusal is one of En+'s main portfolio companies.
En+ said Deripaska, Rusal's sole beneficial shareholder, would remain on the board of Rusal.
The appointment follows last Monday's announcement that Rusal, the world's third largest aluminium producer, Sual Group, one of the world's top 10 aluminium producers, and Glencore International AG, the Swiss natural resources company, would merge to create United Company Rusal, in a deal expected to be completed by April, 1 2007.
En+ said Michelmore would chair the Rusal board until the new company was formed, while the non-executive chairman of the merged entity, United Company Rusal, would be Brian Gilbertson, as specified in the agreement.
Deripaska said: "I am very pleased that Andrew will be replacing me as Rusal chairman. Andrew has a wealth of relevant experience gained over more than 26 years in the metals and mining industry and is the best person to steer the company through its transition to being a merged entity."
Michelmore commented: "I am very excited to lead Rusal's board through the group's important transitory stage and I very much look forward to the challenge over the coming months as the Group prepares to enter a new and exciting growth phase."
En+ is a holding structure established as part of Basic Element's restructuring. It is responsible for the strategic management of Basic Element's assets in energy, coal, oil and aluminium. Core assets in the En+ portfolio include: Rusal, Eurosibenergo and United Oil Group, said En+ in the statement.
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