(Corrects name of company's new CEO in third paragraph of story published yesterday.)
Vladimir Iorich, newly appointed as chairman of OAO Mechel (MTLR), Russia's fifth-largest steel company, will sell his remaining 7.2 percent stake in the company in less than two weeks.
``The share sale will be announced before the end of the year,'' said Alexei Sotskov, spokesman for the Moscow-based steel and mining company.
Iorich co-founded Mechel (MTLR) with Igor Zyuzin, former chairman and now chief executive officer. The two switched jobs as of yesterday as Iorich seeks to exit the business. Zyuzin owns 66 percent in Mechel, with about 24 percent traded on the market, the company said in June.
After the share sale, Iorich will oversee Mechel's development without operational or shareholder control. ``He will act more or less as an independent director,'' Sotskov said.
To contact the reporter on this story: Yuriy Humber in Moscow at email@example.com.
To contact the editor responsible for this story: Justin Carrigan at firstname.lastname@example.org.