John Mack to step down at Rosneft

John Mack Interview Pic

John Mack, the former chief executive officer of Morgan Stanley, said he’s leaving the board of Russian oil producer OAO Rosneft, a month after the U.S. sanctioned the firm’s CEO.

Bloomberg News reports that Mack, 69, who also serves as an adviser to KKR and China Investment Corp, always planned on stepping down after one year, he said in an interview today. 

A Rosneft spokesman said in an e-mail that Mack is leaving for personal reasons. Shareholders will vote on new directors at the June 27 annual general meeting.

Mack joined the board last year as Rosneft was completing its $55bn purchase of TNK-BP from BP to become the world’s largest publicly traded oil producer. Rosneft nominated Russian Senator Artur Chilingarov, 74, to fill the vacancy, the Moscow-based company said in a regulatory filing this week.

The U.S. announced in April that Sechin, 53, is on a list of people facing sanctions as the nation sought to place pressure on the inner circle of Russia President Vladimir Putin amid tensions in Ukraine. The sanctions didn’t extend to Rosneft, which is state-run.

To access the complete Bloomberg article hit the link below:

Former Morgan Stanley CEO Mack to Leave Rosneft Board 

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