September 24, 2019 / 1:37 PM / 24 days ago

CEO of Russian shipping giant Sovcomflot steps down to become chairman

MOSCOW (Reuters) - State-controlled Russian shipping group Sovcomflot said on Tuesday that its chief executive Sergei Frank has stepped down after 15 years in office.

Frank is recommended for the post of chairman of the board of directors, the group said in a statement, while Igor Tonkovidov, the company’s current vice president, would be appointed as the new CEO.

Reuters earlier reported that Frank would be giving up operational control of Sovcomflot and taking over as chairman.

Reporing by Gleb Stolyarov; Writing by Anastasia Teterevleva; Editing by Susan Fenton

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