Behind every billionaire there is a story!

Ally of Russian magnate Potanin chosen at Norilsk

Metals magnate Vladimir Potanin tightened his hold over Norilsk Nickel on Friday after an ally of his was appointed chief executive of the mining company.

Potanin also said he was not considering a deal with a fellow Russian billionaire for a bigger stake in the company.

After a four-hour board meeting, Potanin — who is Norilsk’s chairman and its largest shareholder with a stake of about 30 percent — told reporters that the board had approved the appointment of Vladimir Strzhalkovsky, an former KGB employee and an associate of Russian Prime Minister Vladimir Putin, as Norilsk’s new CEO.

“Norilsk is the industry’s leader and its strategic goals include consolidation,” said Potanin. “We need cooperation and help from the state. It doesn’t imply activities on the Russian market, it will also mean international expansion. We think Strzhalkovsky can successfully deal with all these issues.”

Oleg Deripaska’s Rusal — which owns 25 percent of Norilsk — had opposed the nomination

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