Sergey Ivanov, currently the Senior Vice President of Sberbank, a Russian banking and financial services company, is likely to be the next President of Alrosa, according to a report from Russian news agency TASS.

Ivanov’s name was mentioned by Russia’s Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev while responding to questions on the sidelines of the Russian Investment Forum in Sochi earlier this week.

Last week, TASS had reported, quoting an unnamed source, that Alrosa’s current president Andrey Zharkov had sent his resignation to the government. Other media reports had mentioned differences over the budget for 2017 as a possible reason for his move.

TASS said that Trutnev also confirmed that Zharkov had submitted his resignation letter and a decision regarding it and his successor will be fianlised at Alrosa’s next supervisory board meeting, which will be headed by Russia’s Finance Minister Anton Siluanov.

The Russian Federation has a 33% stake in Alrosa, while the Republic of Sakha (Yakutia) has 25%, the districts of Yakutia an additional 8%, and the remaining 34% is held by private investors.