Russia Announces Sergey Ivanov Appointed As Alrosa CEO

Russian diamond mining giant Alrosa has appointed Sergey Ivanov Jr  as chief executive.

Just 36-years-old, he replaces Andrey Zharkov who is leaving the post early. Zharkov has been at odds with officials over Alrosa's 2017 budget.

Ivanov is the son of the former head of the Kremlin administration, and his candidacy was supported by the finance ministry, sources familiar with situation and the ministry told Reuters.

Ivanov is a senior vice-president of Russia's largest lender Sberbank. He has been offered a three-year contract.

"On the one hand, Ivanov lacks industry experience, but on the other hand he joins from Sberbank's management team, which is well perceived by the market," VTB Capital said in a recent note.