Khodorkovsky resigns from Yukos
Posted: 3 November 2003
An announcement by the Chairman of the Yukos Oil Company
Management Board
YUKOS Oil Company's unprecedented success has no equivalents in
the history of Russian and international business.
Over the past seven years, the Company has eliminated debt arrears
of $3 billion. Production costs have been reduced six-fold, while
production itself has doubled. Taxes paid by the Company to all
levels of government will be in excess of $5 billion this year.
Over $100 million is spent annually on philanthropic programs.
We were the first Russian business to consistently implement the
principles of financial transparency and socially responsible business
behavior. We introduced international standards of corporate governance.
We were able to achieve absolute recognition and trust on the Russian
and global markets.
We created the most efficient company in the country.
Over the next few years, I had set myself the goal of building
an international energy company - a leader of the world economy.
But the situation that has developed today forces me to set aside
my plans to continue my personal involvement in YukosSibneft's development.
As a manager, I have to do all I can to pull our workforce safely
out from under the blows that are being directed at me and my partners.
I am leaving the Company. I am confident that the extremely professional,
close-knit team of highly experienced managers, supported by the
Board of Directors, will successfully handle the challenge of the
globalization of YukosSibneft's business.
I would like to express my deep appreciation to everyone who took
part, together with me, in building the best Company in Russia.
Together, we did something that seemed unthinkable seven years ago.
My own future plans involve continuing my work as Chairman of the
Management Board of the Regional Public Organization “Otkrytaya
Rossiya.” Its philanthropic activities support the education
and upbringing of young people and civic initiatives to build an
open and truly democratic society in Russia.
Wherever I may work, I will do my all for my country, Russia, in
the great future of which I firmly believe.
Mikhail Khodorkovsky
Moscow, 3 November 2003
Posted by Richard Price,
Editor Pipeline Magazine
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