Polymetal International hires new chair after boardroom exodus
Troubled Anglo-Russian miner Polymetal International (Polymetal) has appointed Riccardo Orcel as its new chair – following the mass resignation of directors after Russia’s invasion of Ukraine.
Orcel is the former head of global banking at VTC Capital – the investment banking arm of Russia’s second-largest lender -which is closing it European operations because of Russian sanctions.
Prior to this, he worked at Merrill Lynch and Bank of America Merrill Lynch as managing director.
He was also a member of the EMEA executive committee and head of Central Eastern Europe Middle East and Africa corporate and investment banking.
His arrival follows the departure of board members including British chair Ian Cockerill alongside Ollie Oliveira, Tracey Kerr, Italia Boninelli, Victor Flores and Andrea Abt earlier this month.
Last week, the miner named Janat Berdalina, Steven Dashevsky, Evgueni Konovalenko and Paul J. Ostling as non-executive directors.
On 8 March the London Stock Exchange cancelled trades in Polymetal amid concerns over erroneous trades and enforced cancellations.
Shares in Polymetal have plunged 88 per cent since Russia’s invasion of Ukraine, with investors withdrawing as the West ramps up sanctions on Russia – targeting its financial institutions, central bank and oil imports.
The company operates eight mines and a processing plant in Russia and Kazakhstan.
While Polymetal has escaped direct sanctions, the company has been booted off the FTSE 100 and ejected from the FTSE Russell indices due to insufficient liquidity and plummeting performance.
One of its biggest shareholders, Norway’s sovereign wealth fund, has also revealed it will dump all of its Russian investments.
Polymetal revealed today that, following the latest appointment, its board will consist of eight members.