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Phosagro CEO Maxim Volkov Resigns to Focus on Own Business

July 19 (Bloomberg) -- OAO Phosagro Chief Executive Officer Maxim Volkov resigned after 12 years at the company to focus on his own business projects.

Volkov, 41, submitted his resignation to the board, which will consider it by the end of July, Phosagro said in the statement today. He headed the management company of PhosAgro in 2006 to 2012 and has been CEO since 2009. Under Volkov’s management Phosagro sold shares in a London initial public offering in 2011, sold its first eurobonds this year and consolidated its OAO Apatit unit.

“I am confident in the company’s long-term potential and have no doubt that our team will continue to achieve sustainable growth for Phosagro, which is why I intend to remain a shareholder,” Volkov said in the statement. He plans to focus on the modernization of the Pikalevo production complex and the purchase of Pikalevskaya Soda shares, he said.

The complex buys nepheline concentrate from Phosagro. Kommersant reported today that Andrei Guryev Jr., currently executive vice-president at Phosagro and son of major shareholder Andrei Guryev, is the main contender to be CEO.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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