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TNK-BP Shares Retreat After Fridman Resigns as Chief Executive

TNK-BP shares dropped after the oil company said billionaire shareholder Mikhail Fridman resigned as chief executive officer.

The stock fell 0.8 percent to 83.30 rubles by 1:16 p.m. in Moscow. The Micex Index rose 1.2 percent to 1,297.30.

BP Plc’s Russian venture will be run by a group of executives, the Moscow-based company said in a statement today. Fridman’s resignation will take effect in 30 days, according to the statement.

Shareholders German Khan and Viktor Vekselberg will remain on the company’s management board, according to the statement.

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