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19 Jan, 2009 10:03

Oleg Deripaska returns to the driver`s seat at Rusal

Oleg Deripaska returns to the driver`s seat at Rusal

Billionaire majority shareholder of Rusal, Oleg Deripaska, the world largest aluminium maker, will return to the CEO position after being re-elected by the company board.

He will replace long-term business partner, Alexander Bulygin, who has been CEO since Mr. Deripaska stepped down from the role of CEO in 2003. Mr. Bulygin will chair the board of EN+ Group, the main shareholder of Rusal, within Deripaska’s Basic Element holding group.

The announcement comes amidst Deripaska’s battle to limit the effects of the global credit crunch and economic slowdown. The company is seeking to refinance $US 14 billion worth of debt at a time when he has been forced to seek $US 4.5 billion in support from the Russian government, in order to prevent his 25% stake in Norilsk Nickel being called in by global banks.

Rusal says that Deripaska will focus on sustainable development and implementing crisis management measures.