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Kazakhstan-backed Eurasian Resources Group, one of the world’s largest producers of cobalt and chrome, is replacing long-time chief executive officer Benedikt Sobotka with Shukhrat Ibragimov.
The move is the latest step in a generational transition at the company, as senior roles pass to a new generation of the families of the trio of oligarchs who founded the group and oversaw its London listing as Eurasian Natural Resources Corp. two decades ago.
Ibragimov, who was also appointed chairman earlier this year, is the son of co-founder Alijan Ibragimov, who died in 2021. The two other co-founders, Alexander Mashkevich and Patokh Chodiev, stepped down from the board this year, replaced by younger family members.
Since being appointed CEO in 2014, Sobotka has steered the group through a long-running battle with the UK Serious Fraud Office over an investigation into suspected corruption, which was eventually dropped without charges last year. He’s also overseen the development of a major new project in the Democratic Republic of Congo and restructuring of the company’s debt with Russian banks.
In a statement, ERG said Shukhrat Ibragimov brought “broad expertise from extensive top-level roles” to the CEO position. He has been working at ERG for a decade “starting from shop floor,” it said.
(By Jack Farchy)
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