30-08-2010 13:46:25

Lukoil head Alekperov to resign (UPDATED)

MOSCOW – The founder and president of Russian energy giant Lukoil, ethnic Azerbaijani Vagit Alekperov intends to resign, Russia’s RBK Daily reported.

The newspaper said that Alekperov could step down as early as September 1, when he celebrates his 60th birthday. However, he plans to head the company’s board of directors and has already notified the company’s leadership about his plans.

Lukoil’s current board chairman, Valeri Graiffer, is expected to step down due to his old age.

Lukoil Overseas President Andrei Kuzyayev, 45, could reportedly succeed Alekperov. The appointment of Vice Presidents Ravil Maganov or Leonid Fedun is possible as well.

Essentially, the choice for Lukoil’s president was being made between Kuzyayev and Maganov, according to Alekperov’s circle. Fedun, despite being considered Lukoil’s second top man, who co-owns the company with about 10 pct of equity share, cannot take the president’s post “due to his personality”. “Besides, he has business interests other than Lukoil,” said analyst Alexei Kokin.

The report also said that Alekperov has recently complained about his health condition and excessive workload.

Alekperov has presided Lukoil since its inception in 1993. He currently holds 20.54 percent of the company’s stock.

Earlier, Alekperov was offered the post of Russia’s energy minister, but he refused to take the job.

TAGS: Russia, oil major, Lukoil Company, Vahid Alekberov, Lukoil Board of Directors, Lukoil Overseas Company, Andrei Kuzyayev, Ravil Maganov, Leonid Fedun, Board of Directors, Valery Grayfer, Russian Minister of Energy