Ivan Tavrin has resigned as CEO of MegaFon, which announced he would be replaced by the company’s Chairman Sergei Soldatenkov.

The operator, part owned by TeliaSonera, said Tavrin was leaving after four years at the helm to focus on “current and new business projects”.

Tavrin said: "After four fantastic years as CEO of MegaFon I have submitted my resignation to the board this morning.

“I believe that it would be best for me now to focus on my current and new investment projects as well as my job as USM Holdings board member.

“I am grateful to the board members for their understanding and support of this decision.”

Soldatenkov returns to the CEO role he held from 2003 to 2012. His latest tenure will last for three years.

He commented: “I am honored to be invited by the board of directors to become CEO of MegaFon.

“I’ve actually never left the company and now I am glad to be back to run day-to-day operations.

“While serving as the Board chairman I have acquired a better understanding of our strategic challenges and opportunities and how to grow shareholder value.”

Soldatenkov is replaced as Chairman by Ivan Streshinsky.

Streshinsky said: We have accepted Ivan’s decision to resign with regret, and would like to thank him for the results the company has achieved under his leadership.

“He has successfully managed MegaFon’s IPO, significantly increased its operating and financial efficiency and managed to maintain leadership positions in a very competitive Russian telecom market.

“We are happy to welcome Sergei Soldatenkov, Chairman of the Board and a former CEO of MegaFon, as a new CEO.

“Sergey is a natural choice for this job.

“He is well known as one of the most experienced top-managers in the telecom market with deep understanding of the company’s business and unique expertise, and has been with the company for many years.”

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