Nikolai Tsvetkov, the founder, president and principal owner of the Russian URALSIB Financial Corporation, is going to back away from managing his main asset, the URALSIB bank, according to certain reports. Andrei Donskikh, the corporation’s first vice president, is to be the new board chairman. His candidacy has already been submitted to the Central Bank for coordination. Nikolai Tsvetkov will most likely focus on developing his own business. Over the past few years, Tsvetkov has been looking into consumer market investments, especially the food retail sector. In addition, several of Tsvetkov’s companies are already engaged in development projects. Shareholders’ backing away from operating management is gradually becoming a norm for major Russian businesses, Kommersant was quoted as saying.
Source: WWW.KOMMERSANT.RU, March 12, 2007
