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RenCap Names Igor Vayn Sole CEO as John Hyman Set to Leave

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Oct. 2 (Bloomberg) -- Renaissance Capital, the Russian investment bank controlled by billionaire Mikhail Prokhorov, named Igor Vayn sole chief executive officer after John Hyman decided to leave, said a spokeswoman, who asked not to be identified, citing company policy.

“John has been instrumental in achieving the successful turnaround of the firm and our return to profitability in the first half of 2013,” Christophe Charlier, deputy CEO of Onexim Group, Prokhorov’s investment holding, said in an e-mailed statement. Hyman will stay on “for some time” as an adviser, he said.

Hyman was hired in October 2011 as co-head of investment banking and financing at the Moscow-based bank from London hedge fund Cheyne Capital Management Ltd. He was appointed co-CEO with Vayn, who joined from Otkritie Capital, in December 2012. Hyman, a former joint head of global capital markets at Morgan Stanley, confirmed he will be leaving by telephone without giving the precise timing.

“The RenCap I joined is very different from the RenCap of today and the world is very different too,” Hyman said in an interview. “Since I took up a leadership role, it has been one crisis after another crisis, but I sense the business has stablized now and it’s less volatile so maybe it’s a good time to leave.”

RenCap, as the Moscow-based bank is known, has pared back expansion into faster-growing emerging markets. It shuttered sales, trading and research operations in Almaty, Kiev, Beijing, Hong Kong and some offices in Africa last year and sold assets in African banks and farming, forestry and infrastructure in Russia and the former Soviet Union.

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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