Mikhail Fridman has submitted a letter of resignation to TNK-BP Ltd.’s Board of Directors, notifying his resignation from the position of Chief Executive Officer of the TNK-BP Group.
Mikhail Fridman has also sent TNK-BP shareholders a letter of resignation from the position of Chairman of the Management Board of TNK-BP Management, a Russian subsidiary of TNK-BP Group which manages the Company’s assets in Russia and Ukraine, including the publicly traded TNK-BP Holding. Both resignations take effect in 30 days.
After Mikhail Fridman’s resignation, TNK-BP will be managed by a group of executives who hold powers of attorney related to their areas of responsibility. AAR shareholders German Khan and Victor Vekselberg remain with the business as Executive Directors and Members of the Management Board.
The move is being interpreted as a clearing of the decks for a bruising battle over the size of BP's stake in the company with AAR the Russian consortium joint venture partner seeking to increase control from it's existing 50% position.