No Special Treatment for Morozov

Robert Dudley, to whom the press has regularly given the epithet ‘embattled‘ as a result of all his wrangling with TNK-BP’s Russian shareholders this year, has finally stepped down from his post as chief executive of the venture.  Having promised in July to leave the company by the end of the year, Dudley had been running operations from outside of Russia.

It was generally anticipated that, with a Russian CEO installed at the company, volatility and shareholder disputes would die down.  But will Denis Morozov, the former Norilsk Nickel chief executive and Dudley’s Russian successor, really have an easier time of things?  Unlikely.  From the Financial Times:

“TNK-BP insiders say Mr Morozov will face an enormous challenge retaining independence in a company in which they fear one of the powerful Russian shareholders’ managers has been steadily taking control ever since Mr Dudley was forced to leave Russia this summer citing a harassment campaign.”