ALROSA's President Steps Down

Moscow: On Monday, September 22, Fyodor Andreev stepped down from his president post “due to medical reasons”. Ilya Ryaschin, First Vice President of ALROSA, was appointed the acting President of the company. Company’s shares closed down 2.99% to 37.3 Rub.

Later Rosimushchestvo released a press statement saying it “was sorry that Andreev had to leave ALROSA president post due to health issues.”

“Rosimushchestvo hopes that ALROSA’s change of management won’t affect its plans and strategy of development,” the agency noted.

It also reminded that “in course of Andreev’s work from 2009 till 2013 the company’s financial and economic indicators improved remarkably.”

In 2013, ALROSA successfully carried out its public offering on the Moscow Stock Exchange under the privatization program.

ALROSA is engaged in the exploration, production, processing and sale of diamonds. Its mining operations are located in the Republic of Sakha (Yakutia) and the Arkhangelsk Region. The largest shareholders of ALROSA are the Government of the Russian Federation (44%) and the Republic of Sakha (Yakutia), which owns 25% of the diamond giant, while the company’s free float is 23%.