Tuesday, 22 March 2022 17:40
Troubled Anglo-Russian miner Polymetal International (Polymetal) has appointed Riccardo Orcel as its new president – following the mass resignation of directors following Russia’s invasion of Ukraine.
Orcel is the former head of global banking at VTC Capital – the investment bank arm of Russia’s second-largest lender – which is closing its European operations due to Russian sanctions.
Previously, he worked at Merrill Lynch and Bank of America Merrill Lynch as Managing Director.
He was also a member of the EMEA Executive Committee and Head of Central-Eastern Europe Middle East and Africa Corporate and Investment Bank.
His arrival follows the departure of board members including British President Ian Cockerill alongside Ollie Oliveira, Tracey Kerr, Italia Boninelli, Victor Flores and Andrea Abt earlier this month.
Last week, miners named Janat Berdalina, Steven Dashevsky, Evgueni Konovalenko and Paul J. Ostling as non-executive directors.
On March 8, the London Stock Exchange canceled trading in polymetal due to concerns about wrongdoing and forced cancellations.
Shares in polymetal have fallen 88 percent since Russia’s invasion of Ukraine, with investors retreating as the West eases sanctions on Russia – according to its financial institutions, central bank and oil importers.
The company operates eight mines and a processing plant in Russia and Kazakhstan.
While polymetal escaped immediate sanctions, the company was eliminated from the FTSE 100 and excluded from the FTSE Russell indices due to insufficient liquidity and plummeting performance.
One of its largest shareholders, Norway’s sovereign wealth fund, has also revealed that it will dump all its Russian investments.
Polymetal has revealed today that, after the last appointment, its board of directors consists of eight members.
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