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Potanin to Lead Norilsk Board.
(From The Moscow Times)
Norilsk Nickel's recently elected nine-member board of directors chose Vladimir Potanin as chairman Monday at its first meeting and named the deputy general director of Potanin's Interros Holding, Sergei Batekhin, as CEO.
New board member Oleg Deripaska, who voted in absentia, and two other RusAl representatives on the board backed independent member Guy de Selliers for the chairman's seat.
"The situation at the company right now is difficult, but I am ready to work constructively with the representatives of all shareholders," Potanin told journalists at a briefing after the 5 1/2 hour board meeting.
Norilsk Nickel, the world largest nickel and palladium producer, ended up as something of a battleground for a struggle between longtime business partners Potanin and Mikhail Prokhorov.
The struggle ended with Potanin holding 30 percent of Norilsk shares, while 25 percent went to RusAl, which bought its stake in a drawn-out negotiation process with Prokhorov.
Prokhorov, who received a 14 percent stake in RusAl and cash for his stake in Norilsk, backed Potanin in the vote for chairman.
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