Bloomberg News

TNK-BP’s Barsky to Quit as Fridman Stays at Helm to End of 2013

October 21, 2011

Oct. 21 (Bloomberg) -- TNK-BP Deputy Chief Executive Officer Maxim Barsky resigned 10 months after he was supposed to take the helm at the Russian oil venture, owned equally by BP Plc and a group of billionaires.

Barsky, 37, will leave on Nov. 1 “to carry on his professional career outside of the company,” Moscow-based TNK- BP said today in an e-mailed statement. Billionaire shareholder Mikhail Fridman will remain CEO until the end of 2013, the shareholders said in a joint statement.

In July, Barsky criticized the shareholders for risking damage to TNK-BP’s international growth unless they appointed independent management, according to an interview published in the Financial Times.

“We remain on good terms,” Barsky said of the TNK-BP shareholders in a telephone interview today. “There is no disappointment.” Barsky said that earlier this year he had pledged to leave unless there was a switch to independent from shareholder management, and that he would now take time off.

Barsky started at TNK-BP, Russia’s third-largest oil producer, in June 2009 and about five months later was designated to become CEO as of January this year. A shareholder dispute had led to the ouster of Bob Dudley in 2008 after five years as head of the venture. Dudley became head of BP last year after the Gulf of Mexico oil spill.

New Management

BP and AAR, the group representing Fridman, Viktor Vekselberg, Len Blavatnik and German Khan, agreed to change some senior management roles, the companies said in their joint statement.

BP will nominate candidates for CEO, according to the shareholders’ statement. Alexander Dodds, who previously worked at Exxon Mobil Corp.’s Qatar operations, is the BP-nominated executive director for exploration and production, and a new head of refining and marketing will be announced, they said, without naming the person. Khan and Vekselberg will continue as AAR’s executive directors at TNK-BP, according to the statement.

“I hope we will have the opportunity to collaborate with Maxim on new projects in the near future,” Khan said in the statement.

Barsky has been working on TNK-BP’s acquisition of a 45 percent stake in exploration blocks in Brazil’s Amazon that are controlled by HRT Participacoes em Petroleo SA.

--Editors: Torrey Clark, Alex Devine

To contact the reporters on this story: Brian Swint in London at bswint@bloomberg.net; Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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