Boris Kovalchuk steps down as Inter RAO chief, fmr St. Petersburg governor Sergei Dregval replaces him

MOSCOW. March 15 (Interfax) - Boris Kovalchuk has stepped down as chief executive of Inter RAO .

The Russian electricity holding said its board of directors had decided to cut Kovalchuk's tenure as CEO short at a meeting on March 14.

Sergei Dregval, a former St. Petersburg deputy governor, replaces him as CEO with effect from March 15.

Kovalchuk headed Inter RAO in 2009, first as acting CEO. Prior to that he was deputy head of the Rosatom State Corporation and head of the government's Department for Priority National Projects of the Russian Government.

The Inter RAO board of directors in the summer of 2020 extended Kovalchuk's term as CEO for a period of five years.

The U.S. Treasury included Kovalchuk in its SDN List in March 2022.

The Kommersant newspaper said earlier that Kovalchuk was "up for a promotion." The paper, citing sources, listed four possible new jobs for him: at Gazprom , at Rosneft , as deputy prime minister responsible for fuel and energy instead of Alexander Novak, or as governor of St. Petersburg.

Inter RAO said separately that it had received notification on March 15 that Kovalchuk had left its board of directors.

Sergei Dregval previously worked for Inter RAO group energy sales companies: at Tomsk Energy Sales Company in 2007-2011, and at Altaienergosbyt in 2011-2013. He then held senior positions at Oboronenergosbyt and IDGC of Urals , now known as Rosseti Urals. He was deputy governor of St. Petersburg responsible for the energy sector in 2021-2024.

Rosneftegaz was the principal shareholder of Inter RAO with 26.37% as of the end of 2022, and Inter RAO Capital held 29.56%. FGC UES , now merged with Rosseti, owned 8.57% as of the end of 2021 and the free float was 34.24% - more recent information about these stakes has not been disclosed.

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