Deripaska's candidacy was proposed by En+, RusAl's principal shareholder, and supported by other shareholders, the aluminum producer said.
UC RusAl was established in March 2007 through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore's alumina assets.
Deripaska was already the CEO of RusAl for three years after the company was established in 2000. In subsequent years, he actively participated in the company's development as a member of the Board of Directors, RusAl said in a statement.
"Now his role as CEO will be focused on providing for the sustainable development of the company in the conditions of the global financial crisis and implementing a series of crisis management measures," the statement said.
UC RusAl accounts for approximately 12% and 15% of global production of aluminum and alumina respectively. The company sells its products in 70 countries worldwide and employs 100,000 people in 19 countries.
