Glencore CEO quits Rusal board after US sanctions

Zurich: Swiss mining mammoth Glencore said Tuesday its chief Ivan Glasenberg had resigned from the board of Russian aluminium giant Rusal after it was hit with US sanctions and saw its share price collapse. Glencore also said in a statement it was “still evaluating” its contracts with the Russian company, but it announced it would now not be going through with a planned deal with EN+, which owns a controlling stake in Rusal.

“Mr Glasenberg has resigned from his position as a director of Rusal,” the statement said. The decisions came a day after Rusal saw its share price fall over 50 per cent Monday on the Hong Kong stock exchange, where it is listed. It fell an additional 8.7 per cent on Tuesday.