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28-05-2012 11:48:00

TNK-BP's Fridman Resigns As CEO - Company

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MOSCOW -(Dow Jones)- Russian oligarch Mikhail Fridman has submitted his resignation as TNK-BP Group chief executive in a letter to the board of directors at TNK-BP Ltd., the Russian joint venture with oil giant BP PLC (BP), the company said Monday.

Fridman also stepped down as chairman of the management board of TNK-BP Management, a Russian subsidiary of TNK-BP Group that manages the company's assets in Russia and Ukraine, including the publicly traded TNK-BP Holding.

The reason for the resignations is not mentioned in the company statement.

Both resignations take effect in 30 days after which TNK-BP will be managed by a group of executives who hold powers of attorney related to their areas of responsibility, the statement said.

Shareholders in AAR the Russian-linked consortium with the BP joint venture, German Khan and Victor Vekselberg remain as executive directors and members of the management board.

-By Olga Razumovskaya, Dow Jones Newswires; +7 495 232-9192, olga.razumovskaya@dowjones.com

(END) Dow Jones Newswires

May 28, 2012 05:48 ET (09:48 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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