Alrosa’s president was forced to resign his position as head of Russia’s state-owned diamond company “amid disapproval over his handling of a deep slump in the diamond market,” according to a report in the Kommersant daily newspaper.
The decision was handed down by Alrosa’s chairman of the supervisory board with Sergei Vybornov’s resignation effective July 13. Given the global economic downturn and a drop in demand for diamond-set jewelry, Alrosa’s board was not pleased with Vybornov’s response to unfavorable market conditions.
Former Alrosa president Sergei Vybornov.
“The collapse of the company’s sales policy became the main reason for the resignation,” said an unnamed source in the Alrosa supervisory board in the Kommersant report.
Vybornov will be replaced by Fyodor Andreyev, the current vice-president of finances for Russia’s state railroad monopoly Russian Railways, Kommersant reported, citing sources in both companies.