27 Aug 2021 09:59

Rusagro CEO Basov might step down - paper

MOSCOW. Aug 27 (Interfax) - Long-time Rusagro Group CEO Maxim Basov might step down, national daily Kommersant reported, citing sources.

Rusagro told the paper that Basov's contract expires this year, and the group's board of directors will decide whether to extend it or appoint a different candidate to this position at a meeting on November 12. Basov, who has headed Rusagro since 2009, said it was premature to comment.

Upon leaving Rusagro, Basov might pursue his own projects, the paper reported one source as saying. Basov holds a stake in meal kit and prepared food delivery service Elementaree; almost 70% of Primebiomed, a developer of antibodies for research; and a stake in online brain productivity trainer Wikium.

Rusagro Group is a major producer of sugar, pork, sunflower oil, mayonnaise and margarine. The group's net profit jumped 81% to 17.6 billion rubles in the first half of 2021 on revenue up 45% to 104.37 billion rubles.

The family of Vadim Moshkovich is the group's principal shareholder with 70.7%. Basov holds a 7.5% stake, and the free float is 20.3%.