Sechin Gets 5 More Years as Rosneft CEO

The board of directors at Russia's Rosneft has given Igor Sechin another five-year term as the oil company's CEO, effective from May 24 2020, Rosneft said in a statement on May 22.

Sechin, a close ally of Russian president Vladimir Putin, has led the company since 2012. Before that he served as Rosneft's chairman of the board between 2004 and 2011, and as Russia's deputy prime minister between 2008 and 2012. His current five-year term as CEO is due to expire this month.

Rosneft reported its first quarterly loss since 2012 for the three months ending March 31, against the backdrop of a collapse in oil prices and a slump in demand due to the coronavirus (Covid-19) pandemic. The loss came as ruble devaluation inflated the value of Rosneft's foreign denominated debts. But the company also saw a 44% decline in core earnings.