Bloomberg News

TNK-BP Shares Retreat After Fridman Resigns as Chief Executive

May 28, 2012

TNK-BP shares dropped after the oil company said billionaire shareholder Mikhail Fridman resigned as chief executive officer.

The stock fell 0.8 percent to 83.30 rubles by 1:16 p.m. in Moscow. The Micex Index rose 1.2 percent to 1,297.30.

BP Plc (BP/)’s Russian venture will be run by a group of executives, the Moscow-based company said in a statement today. Fridman’s resignation will take effect in 30 days, according to the statement.

Shareholders German Khan and Viktor Vekselberg will remain on the company’s management board, according to the statement.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net; Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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