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Former Morgan Stanley CEO to leave Rosneft board

May 29, 2014

NEW YORK (AP) — John Mack, the former CEO of investment bank Morgan Stanley, plans to leave the board of Russian oil company Rosneft.

A Rosneft representative said Thursday that Mack, 69, is leaving for personal reasons. His departure will be discussed at the company’s annual meeting on June 27.

The company has proposed to replace him with polar explorer Artur Chilingarov, the representative said.

Mack’s decision comes a month after the United States and the European Union put sanctions on Rosneft President Igor Sechin. The sanctions, which freeze assets and bans visas, were made to more than two dozen Russian government officials, executives and companies to punish Russia for its actions in Ukraine

Mack joined Rosneft’s board in June 2013. He was CEO of Morgan Stanley from 2005 to 2009 and stepped down as chairman of the company in 2011.

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