Maxim Basov, the CEO of Russian agricultural and food company Rusagro, may leave his post, which he has held for 12 years, Kommersant reports, citing industry sources.

It is specified that Basov's contract expires this year and on November 12 it will be decided whether to extend the contract or to appoint another candidate. Sources believe that after he leaves his post, Basov may be engaged in his own projects. For example, he owns a stake in the food preparation kit delivery service Elementaree, almost 70% of research antibody developer Primebiomed, and a stake in the online cognitive development platform Wikium.

Experts believe that Rusagro's business is now in excellent condition: the company has great potential in export development and searching for new directions. According to Marat Ibragimov, a senior analyst at Gazprombank, the company's current results are a personal achievement of Basov, who locks in all the important processes, so it will be hard to find a replacement for him. Investors, among others, may react negatively to the news of the top manager's departure, which may lead to correction of the company's shares, he believes.

Rusagro's CEO himself said that comments are premature.

Maxim Basov has headed Rusagro since 2009. He previously held senior positions at Severstal, Kuzbassugol, and Interpipe, and from April 2006 to May 2009 at Metalloinvest.

Made in Russia // Made in Russia

Author: Karina Kamalova