Western Siberia-focused RusPetro announced Wednesday that it has appointed current CFO Tom Reed as the company's new CEO, following the departure of the firm's previous head Don Wolcott.
The company's current chairman, Chris Clark, and non-executive director, Joe Mach, are also stepping down. Alexander Chistyakov, currently president of the company, will become executive chairman at the beginning of August.
RusPetro added that Makayla Investments has extended its loan of approximately $20 million from August 2013 to May 2015. The company's largest shareholder, Limolines Transport, has also agreed in principle to extend the maturity of its loan of approximately $64 million from May 2015 to May 2018.
Meanwhile, Perella Weinberg Partners has been appointed to advise on the company's strategic review process, which was initiated in April this year.
RusPetro senior independent director Rolf Stomberg commented in a company statement:
"The board of RusPetro would like to thank Don Wolcott for his significant contribution to developing RusPetro. He leaves the Company in the capable hands of an experienced and very competent technical, operational and financial team led by Alexander Chistyakov and Tom Reed.
"Under this leadership RusPetro is well positioned to draw on the depth of experience and knowledge in subsurface, operations and finance of its management team and will continue to focus on the development of the business."
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