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Bo Andersson is leaving the post of head of «AVTOVAZ»

Company Alliance Rostec Auto BV, which owns a controlling stake in «AVTOVAZ» has officially announced the departure of Bo Andersson. The Board of Directors of «AVTOVAZ» should choose the new head of the automotive company on March 15.

«On 15 March the scheduled meeting of the Board of Directors of «AVTOVAZ», which should be announced, who will replace Andersson. His successor will lead the next phase of operations to withdrawal of companies from crisis,» said Alliance Rostec Auto BV. This JV owns 74.5% of AVTOVAZ. The share of Renault-Nissan joint venture is 67.13% and is at 32.87% of the shares accounted for by Russian state Corporation «rostec», the remaining shares from minority shareholders.

The first information about the possible dismissal of Bo Andersson appeared in the second half of February. According to unconfirmed reports shareholders offered to lead the AVTOVAZ KAMAZ General Director Sergei Kogonin, as well as the former Director of Assembly and body production of AVTOVAZ, and now Executive Vice President of electric cars of Renault-Nissan South Demarchelier, however, both candidates declined the offer.

Swedish specialist Mr Andersson joined the largest Russian carmaker in 2013. He continued the restructuring of the company, which included production modernization, launching of new car models, as well as the transfer of technology of the Renault-Nissan Alliance, said the Alliance Rostec Auto BV. Thus by the end of 2015 AVTOVAZ has a net loss of 73.9 billion roubles (3 times more than in 2014) and debt of $ 88 billion rubles Three-year contract Andersson expires in December 2016.

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