Vagit Alekperov, the longtime head of Russias Lukoil, has stepped down from his post and resigned from the board of directors after 29 years, the oil giant said in a statement Thursday.Alekperov became Lukoils president in 1993, steering one of the worlds largest oil producers through most of Russias modern history.
The oil tycoon, reportedly Russias 10th-richest businessman, fell under British and Australian sanctions this month as part of Western penalties for Russias invasion of Ukraine.Despite his historic role at the company, by March 31, Alekperov owned just 3.12% of Lukoils shares and another 5.43% of its shares indirectly, including through family trusts and mutual funds, Interfax reported.Lukoil in early March became the largest Russian company yet to call for an immediate halt to fighting in Ukraine and a diplomatic resolution of what the Kremlin calls a special military operation in Ukraine.Alekperov has reportedly suffered significant financial losses so far in 2022.
According to Forbes estimates, his net worth in 2021 was $24.9 billion and has since contracted by $14.4 billion, despite a rise in oil prices following the Ukraine invasion.