CEO of Russia's Yukos oil company resigns

MOSCOW, Nov. 3 (UPI) -- The CEO of Russian's Yukos oil company, Mikhail Khodorkovsky, announced his resignation Monday.

The Novosti news agency said Khodorkovsky issued a statement saying, "Today's situation makes me give up my plans of continuing personal participation in the development of the Yukos-Sifneft company." He said his resignation is designed to help the company avoid scandal.


Khodorkovsky said he will focus on his job as chairman of the Open Russia organization, Yukos's charity fund.

Novosti said Steven Theede, Yukos/Moscow acting president, may assume Khodorkovsky's post as CEO of the petroleum company.

Theede, born in Hutchinson, Kan., graduated from the University of Kansas with a degree in mechanical engineering in 1974. He then spent several years working for the ConocoPhillips Co., before accepting his current Yukos job.

Yukos stock surged upward upon Khodorkovsky's resignation announcement.

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