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, firstname.lastname@example.org
(END) Dow Jones Newswires
May 28, 2012 05:48 ET (09:48 GMT)
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