HONG KONG - Russian aluminium company Rusal said Friday that its board of directors had elected Jean-Pierre Thomas as its new chairman as part of an agreed-upon restructuring in exchange for the lifting of U.S. sanctions.
The previous chairman, Matthias Warnig, stepped down this week after six years at the world's largest aluminium producer outside China. His resignation was a condition of the deal.
Thomas, an independent non-executive director, has been appointed as chairman effective Jan. 1, Rusal said in a filing to the Hong Kong stock market.
The U.S. Treasury said last week it would remove sanctions against Rusal, its parent En+ and power firm EuroSibEnergo if they restructured to reduce the controlling stakes of businessman Oleg Deripaska, who is on Washington's sanctions list.
The deal is subject to a 30-day review in the U.S. Congress. After the restructuring is completed, En+ will retain the right to nominate the producer's chief executive, the U.S. Treasury said earlier.