OREANDA-NEWS. March 20, 2012. UC RUSAL (SEHK: 486; Euronext: RUSAL/RUAL; MICEX-RTS: RUALR), the world’s largest aluminium producer, today announces that its Board of Directors has appointed Mr Barry Cheung as Chairman of the Board with effect from 16 March 2012, replacing Mr Viktor Vekselberg who resigned earlier this week.

As Chairman of the Board, Mr Cheung, a non-executive director of the Board since 2010, will have an expanded role in providing leadership and guidance for RUSAL’s growth strategy, especially in China and the rest of Asia, and for the Company’s continued commitment to promoting excellence in corporate governance.

Mr Cheung said: “I am delighted with this opportunity to continue to work with RUSAL’s highly professional team. With over two decades of consistent growth, the Company has become a global leader in the aluminium industry. I especially look forward to working with both the management and the Board to help RUSAL build on its current strong business base to reach the next stage of growth.

“As an immediate priority, a comprehensive review of the Company’s corporate governance practices will be undertaken and additional independent directors will be appointed in order to raise the number of such members to one third of Board membership.”

Mr Oleg Deripaska, CEO of UC RUSAL, said: “We are thrilled to have someone of Barry’s caliber leading us as Chairman. The advice he has given in his role as an independent director has been highly valuable and insightful. We are confident that his extensive experience and diverse expertise will continue to add considerable value to our future development in Asia and globally.”

The Board of Directors also ruled to conduct a comprehensive review of corporate governance with the results to be presented at the Board meeting in April 2012. In addition to that, in order to bring a number of independent directors at the Board to one third, the Company will start a search for new INEDs with a help of an international executive search firm.

Mr Barry Cheung, GBS, JP, is currently Chairman of the Hong Kong Mercantile Exchange, Chairman of the Board of Hong Kong's Urban Renewal Authority, and the Standing Committee on Disciplined Services Salaries and Conditions of Service. He is also Alternate Chairman of the Pay Trend Survey Committee, a member of the Commission on Strategic Development and a member of the Standing Commission on Civil Service Salaries and Conditions of Service. Mr Cheung holds an MBA from the Harvard Business School.