LONDON (Alliance News) - Exillon Energy PLC on Thursday said it has decided to promote Dmitry Margelov to take over at the helm of the company after one of its largest shareholders recommended the move.
Margelov is being promoted from his current role as deputy chief executive to take over from Exillon's current CEO, Alexander Suchkov, who is stepping down to pursue other business interests.
Exillon said Margelov is taking over as chief executive with immediate effect, and said his appointment was suggested by Seneal International Agency Ltd, a substantial shareholder in the company with a 29.99% stake.
Seneal has been a major shareholder since 2013 and is ultimately controlled by Alexei Khotin, who also controls major Russian oil producer RusOil Group.
Exillon said the board "carefully considered" the appointment, and in the end, unanimously backed the decision to let Margelov take charge due to his experience in oil and gas and in corporate finance, and his "deep knowledge" of the company.
Notably, Margelov served as an advisor to the chairman of RusOil before joining Exillon.
When Seneal acquired its stake in Exillon back in December 2013, purchasing the stake from the founder of Exillon, Kazakh businessman Maksat Arip, RusOil Group had been considering making an offer to takeover Exillon.
Exillon shares were trading flat at 77.0 pence per share on Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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