Reuters reported that the departing chief executive of Norilsk Nickel, the Russian mining giant undergoing an ownership shakeup, will receive a USD 100 million severance deal.
Two sources close to the company's shareholders said that Vladimir Strzhalkovsky is leaving the world's largest miner of nickel and palladium to make way for shareholder Vladimir Potanin, who this week struck a deal through which Chelsea soccer club owner Roman Abramovich will become a shareholder.
The sources confirmed a report in the Vedomosti daily that said Strzhalkovsky who as CEO launched a series of share buybacks and sided with Potanin in a bitter shareholder dispute would receive a one off payment of USD 50 million from Norilsk.
He will receive two further payments of USD 25 million each after six months and one year.
In this week's revised deal, Abramovich will buy a stake of 5.86% in Norilsk from Potanin and RUSAL, the aluminium company in which Oleg Deripaska is the main shareholder, for USD 1.5 billion.
Under the complex transaction, designed to enforce an end to a four year shareholder dispute over corporate governance and dividend payouts, Kremlin-backed oligarch Abramovich will vote a 20% stake in Norilsk.
After a 17% stake held in treasury is cancelled, Potanin's investment company Interros will hold a 30.3% economic interest in Norilsk, and RUSAL 27.8%
No comment was immediately available from Norilsk, whose board of directors is expected to name Potanin as CEO next Monday.
