Sanctions prevent Rosneft replacing John Mack

The former head of Morgan Stanley American John Mack is leaving Rosneft’s Board of Directors. The company explains that with "personal reasons", but sources believe that the long search for a replacement could be related to sanctions against the Rosneft’s head Igor Sechin. John Mack will be replaced by Artur Chilingarov, the Kommersant writes.

Yesterday Rosneft reported that the new independent member of its Board of Directors might become a senator from the Tula region and polar explorer Artur Chilingarov. On May 22nd, the Board of Directors included his candidacy in the list for election at the annual meeting of shareholders. He will replace the former head of Morgan Stanley John Mack. A representative of Rosneft explains his resignation with "personal reasons": "He withdrew his consent to be elected to the Board, so it was decided to include Arthur Chilingarov in the list". Rosneft says that the charter, on which shareholders must nominate candidates for the Board of Directors during 60 days after the beginning of the year, wasn’t violated, because "candidate may be replaced of his own free will".