TNK-BP picks new CEO

MOSCOW, Nov. 20 (UPI) -- The board of Anglo-Russian energy venture TNK-BP appointed Maxim Barsky as its next chief executive officer, ending a lengthy deliberation process.

Officials at TNK-BP, a joint venture between BP and Alfa-Access-Renova group, a group representing Russian tycoons, have been at odds over the direction of the board of executives since at least last year when Chief Executive Officer Robert Dudley was run out of office.

Disputes over corporate direction and control culminated in the ouster of Dudley, who fled Moscow citing "harassment."

AAR said Dudley was managing the firm as a division of BP, while BP officials worried about the growing influence of Russia in the merger. BP later seated Dudley on its board of directors.

An arrangement following the ouster of Dudley gave BP the right to pick a Russian-speaking candidate, though TNK-BP board members and AAR had to sanction the decision.

BP and AAR announced that TNK-BP board of directors unanimously agreed to appoint Barsky as its CEO effective Jan. 1, 2011.

"This is a significant milestone in the development of TNK-BP," said Mikhail Fridman, interim CEO. "It demonstrates that the shareholders are united on strategy, governance and support for the company's robust operational and financial performance."