Norilsk Nickel has appointed Denis Morozov as Chief Executive of the nickel and platinum mining giant following the early resignation of Mikhail Prokhorov.

Mr Morozov had been a deputy to the former Chief Executive since 2003 and is regarded by market analysts as a safe pair of hands, having worked closely with Mr Prokhorov

News of the new appointment follows Mr Prokhorov's announcement today that he is to stand down early from his role.

The billionaire oligarch has said he will now focus his attention on the new company he founded after a schism with Vladimir Potanin, the president of investment company Interros, saw the pair decide to split their assets.

Commenting on his decision to resign, he said: "In the process of creation of a new company on the basis of Norilsk Nickel's energy assets, it became clear that it's impossible to simultaneously serve as Norilsk Nickel's executive and form a new business.

"There is a natural conflict of interests. Since the work to create my new business has already started and is actively taking place, I made a decision to resign from my positions in Norilsk Nickel ahead of time."

The promotion of Mr Morozov to the Chief Executive position had been endorsed by his former boss in a presentation to the company's board.

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