Russian tycoon Viktor Vekselberg, who two years ago was a central figure U.K. oil major BP PLC's (BP) battle for control of TNK-BP Ltd. (TNBP.RS), will step down from the company's management board by the end of the year.
Russian tycoon Viktor Vekselberg, who two years ago was a central figure
U.K. oil major BP PLC's (BP) battle for control of TNK-BP Ltd. (TNBP.RS), will
step down from the company's management board by the end of the year.
The move comes after demands from BP during a bitter shareholder dispute two
years ago that its Russian partners exit TNK-BP's senior management.
BP, which gets around a quarter of its total production from TNK-BP--Russia's
third-biggest oil producer--eventually kept its 50% stake, but was forced to
ease it grip of the company when BP's current head, Bob Dudley, was ousted as
chief executive.
As the dispute ended, the Russian billionaire shareholders led by Vekselberg,
Mikhail Fridman and German Khan agreed to demands from BP to improve corporate
governance and gradually interfere less in the company's daily operations.
Vekselberg--a shareholder in TNK-BP and executive director of the company's gas
business--will exit the company's management to focus on
Russia
's new
high-tech hub Skolkovo, TNK-BP said, referring to comments made by Vekselberg
Friday. The company didn't say who would replace him.
Vekselberg will remain a shareholder of the company alongside partners Fridman,
Khan and Lev Blavatnik. Together they hold 50% of shares in TNK-BP through
their Alfa-Access-Renova, or
AAR
,
consortium, with BP holding the remaining shares.
In 2008, a public shareholder dispute between BP and its partners about control
of the company rattled investor confidence in
Russia
.
AAR
initiated raids on BP's offices by security forces and tax probes and succeeded
in ousting Bob Dudley as chief executive of the joint venture.
Vekselberg, Fridman and Khan are still part of TNK-BP's top management, despite
agreeing in 2008 to demands from BP to exit the company's management board. Interim
Chief Executive Fridman will step down next year, to be replaced by Maxim
Barsky.
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