29th Oct 2014 17:47
LONDON (Alliance News) - Urals Energy PCL Wednesday said that Chief Executive Officer Alexei Maximov will resign with effect from October 31.
The exploration and production company, which has operations in Russia, said it will shortly commence a search for a new CEO, but said it expects to appoint Sergey Uzornikov as an interim CEO.
In its statement Wednesday, the company also said that Leonid Dyachenko and Aleksey Ogarev intend to stand down as directors once appropriate replacements have been identified and appointed.
It said it is also in discussions with Adler Impex SA, currently the largest shareholder of Urals Energy, about the appointment of two new directors of the company. Alder holds a 44% shareholding in Urals Energy.
"The changes to our board and management will help reduce the company's overheads and ensure we have a team in Moscow that is focused on our priorities for the next three years. We will be recruiting a new chief executive officer as soon as is practicable," said Chairman Andrew Shrager in the statement.
"In the near term the company will have to cope with a lower oil price, rouble devaluation, and potentially rising rouble inflation that can be expected to follow. The management will report back to shareholders on our progress on a regular basis," it added.
Urals Energy shares closed 6.7% lower Wednesday at 3.85 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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