Mazepin cuts his stake in UralChem below 50%, resigns as CEO

MOSCOW. March 10 (Interfax) - Dmitry Mazepin, who was hit by EU sanctions, has slashed his stake in UralChem below his controlling stake, the company said.

Mazepin sold his 52% stake in Base Chemical Company UralChem LLC, which owns JSC United Chemical Company UralChem, one of Russia's largest fertilizer producers. The buyer of the stake in the company was not disclosed. The businessman still owns 48% of the LLC.

Mazepin also resigned as CEO of UralChem. Dmitry Konyaev, who was previously chairman of the UralChem Board of Directors, was appointed new CEO of the company. UralChem Legal Director Dmitry Tatyanin has been appointed chairman of the board.

The UralChem holding company includes plants in Voskresensk (Moscow Region), Kirovo-Chepetsk (Kirov Region), and two plants in the Perm Territory. UralChem also owns Uralkali, one of the world's largest producers of potassium chloride, (Mazepin was also a member of its board of directors, but the company did not report any changes).