Fyodor Andreev, president of Russian diamond miner Alrosa for the last five years, is stepping down.
First vice president Ilya Ryashchin will take over as acting CEO.
While a statement from the world’s largest diamond miner by value said Andreev’s resignation was due to “medical reasons,” a report in the Russian press last week seemed to indicate the former economist’s job was in jeopardy.
According to the local press, the Federal Agency for State Property Management and the Audit Chamber have launched a probe into the company’s dealings, particularly its recent IPO.
“The inspection’s results will define whether the company’s president Fyodor Andreev will keep his post,” a source told Russian news agency ITAR-TASS. “Andreev’s contract expired on July 14, but Alrosa has failed so far to either reelect him or appoint a new person, as [deputy prime minister Yury] Trutnev, who is the company’s supervisor from the government, refused to sign a draft order on Andreev’s reelection.”
Trutnev has reportedly called the IPO “a mistake.”
Andreev will continue as a member of Alrosa’s supervisory board. He announced his decision at its Sept. 22 management meeting.