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Russia’s largest diamond producer Alrosa’s chief executive Fyodor Andreev has stepped down from his position owing to health reasons.

Andreev, 47, announced his decision at a weekly management meeting on Monday after heading the company since 2009, Moscow-based Alrosa said in the statement.

Acting CEO

Ilya Ryashchin, a first vice-president, will become acting CEO, announced Alrosa. Under Andreev’s management, Alrosa sold $1.3 billion of shares in October to investors.

Alrosa fell 3.6% to 37.08 rubles at 11:57 a.m. on Monday in Moscow.

Vulnerable position

“Andreev’s decision leaves the company and its investors in a very vulnerable position as it’s not clear yet who will be the next CEO and what will be the strategy,” George Buzhenitsa, an analyst at Deutsche Bank AG, told Bloomberg Business Week.

Earlier this month, Alrosa announced it was forming a partnership in a Zimbabwe-Russia joint venture (JV) company that will prospect for diamonds in the southern African country.

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