11 Mar 2022 18:10

Former Rusagro CEO Basov appointed chairman of company's board of directors

MOSCOW. March 11 (Interfax) - Former Rusagro CEO Maxim Basov has been appointed chairman of the board of directors of the company, Russia's largest vertically integrated agricultural holding said in a statement.

Vadim Moshkovich was the previous chairman of the board of directors; however, he has resigned from the company's board and all senior appointments following his inclusion in the European Union's sanctions list. Moshkovich's Granada Capital CY Ltd. has sold a 7.22% stake in Rusagro, thereby resulting in Moshkovich's stake in the company reducing below 50%.

Basov had been Rusagro CEO from 2009, with Timur Lipatov being appointed CEO on January 1, 2022.

Basov is also the third largest shareholder of Rusagro with a stake of 8%.

Rusagro is a major producer of sugar, pork, sunflower oil, mayonnaise, and margarine in Russia.