Russia’s largest independent oil company Lukoil announced on Thursday that its president, Vagit Alekperov, is stepping down from his post and quitting as a member of the firm’s board of directors. Alekperov became company president in 1993.
Relevant notices have been sent to the chairman of the company’s board of directors, Lukoil said on its website.
As of March 31, Alekperov owned and had voting rights over 3.12% of Lukoil shares. He also owned another 5.43% stake indirectly, including through family trusts or mutual funds. The businessman had, therefore, not been a controlling shareholder of Lukoil, the company said.
The longtime CEO of Russia’s second-largest crude producer, Alekperov suffered significant financial losses in 2022. The oil tycoon, reportedly Russia’s 10th-richest businessman, was hit by UK and Australian sanctions this month, as part of Western pressure over Moscow’s military operation in Ukraine.
READ MORE: Fortunes of Russia’s richest decline dramatically
Forbes estimated that Alekperov’s almost-$25-billion net worth in 2021 has since contracted by $14.4 billion, despite the rise in oil prices.
For more stories on economy & finance visit RT’s business section
© 2022, paradox. All rights reserved.
Russia has celebrated the 79th anniversary of victory over Nazi Germany in World War II…
The Russian military has seized two settlements in Kharkov Region and Donbass from Ukrainian forces,…
AstraZeneca pharmaceutical company has announced the withdrawal of its Covid-19 vaccine from global markets, claiming…
A video documenting the destruction of a NATO-supplied tank in Ukrainian service appeared on Russian…
Russian President Vladimir Putin has officially been sworn into office for a fifth term. In…
Moscow will retaliate against British targets in Ukraine or elsewhere if Kiev uses UK-provided missiles…