Sergei Vybornov Appointed President of Alrosa

Following the acceptance of Alexander Nichiporuk’s resignation on Wednesday, the Alrosa advisory board has appointed Sergei Vybornov, general director of Alrosa Investment Group, president. He will begin his role on Friday.

Nichiporuk announced his resignation last Friday, citing, “The need to fulfill tasks set before him by the company's shareholders.”

During the board meeting, Alexei Kudrin, Alrosa’s chairman and Russia’s Minister of Finance, thanked Nichiporuk for his tenure. Nichiporuk was also awarded with the ‘Civil Velour’ from the Sakha republic.

The Russian federal government currently holds a 37 percent stake of Alrosa and seeks to increase that to just over 50 percent. Other shareholders are the government of Sakha (Yakutia) with a 32 percent stake in the company, and local Yakutian provinces, which hold 8 percent. Company worker unions and organizations hold the remaining 23 percent.