16th Apr 2015 11:24
LONDON (Alliance News) - Volga Gas PLC on Thursday said its chief executive is to step down to become its non-executive chairman, with its current chairman becoming a non-executive director and a new chief executive being appointed.
Volga said Mikhail Ivanov has decided to step down as chief executive for personal reasons. He will be replaced in the role by Andrey Zozulya, who will take over on May 5.
Zozulya, 43, has over 20 year experience in the Russian oil sector, Volga said, including 10 years with oil-services firm Schlumberger Ltd.
Ivanov will then become the non-executive chairman of Volga following the annual general meeting of the company on June 6. Current chairman Aleksey Kalinin will become a non-executive director.
Volga shares were trading flat at 71.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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