Board of Directors of TNK-BP Agree Succession Plan
27 May 2009
TNK-BP today announced the results of a meeting of the Board of Directors of the TNK-BP group of companies. The meeting discussed issues of the company’s corporate governance structure and their compliance with the Shareholder agreement signed by the Alfa Group/ Access Industries/ Renova and BP on January 9th 2009.
Members of the Board of Directors discussed the current state of the candidate search for the position of the Chief Executive Officer of TNK-BP. The Board of Directors named Pavel Skitovich and Maxim Barsky as candidates for the Chief Executive Officer of TNK-BP at the expiry of the interim period and approved their appointment for executive positions in the company.
Mikhail Fridman, Chairman of the TNK-BP Board of Directors, has agreed to serve as the interim CEO and Executive Chairman of the Board during the transition period.
The Board confirmed the powers of Tim Summers as Chief Operating Officer of TNK-BP and a member of the Management Board of TNK-BP.
Board members underlined the constructive character of the discussions and a consensus opinion that candidates for the position of Chief Executive Officer should comply with the highest standards of international business practice.
The company continues to operate normally, and new appointments will not lead to changes in TNK-BP’s corporate structure.
“We are pleased with the decisions made by the Board of Directors. TNK-BP is a successful business with great potential. To realize that potential, the company needs to retain talented managers and attract best executives capable of running the company for the long-term, “ said Victor Vekselberg, a member of TNK-BP’s Board of Directors, Executive Director Gas Business Development TNK-BP and Chairman of the Renova group of companies.
“The Board of Directors made a balanced decision which allows the company’s Management to fully focus on execution in 2009,” said Tim Summers, Chief Operating Officer, TNK-BP.
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