Mikhail Gutseriev, the owner of RussNeft, heads the Board of Directors of the Company

 Mikhail Gutseriev, the owner and former President of OAO NK RussNeft, chaired the Board of Directors of the Company; Oleg Gordeev, previously holding the position of the Senior Vice-president for Commerce, was appointed the President of RussNeft, according to the Company’s Press Service.
The changes in the holding’s top management were due to a large-scale expansion of the activities of OAO NK RussNeft and OAO NK Neftisa and considerable growth of the major oil holdings’ strategic management objectives faced by the Chairman of the Board of Directors of the Companies, the press-release states.
Thus, in 2014, the companies within RussNeft Group totally produced 18 million tons and refined 8 million tons of oil. Besides, promising foreign projects have been being successfully developed, in particular, in Kazakhstan, Azerbaijan, and African countries.
Transfer of Mikhail Gutseriev to the position of the Chairman of the Board of Directors of RussNeft was also related to the need to split the functions of operational and strategic management of the Company, bringing the holding’s structure in compliance with the best practices of corporate management, according to the press-release.
In addition, Mikhail Gutseriev intends to focus on addressing the tactical objectives of combatting the crisis in industry, construction, real estate and banking within the range of interests of BIN Group.