YUKOS Core Shareholders Want CEO Out

- Core shareholders in crisis-hit Russian oil major YUKOS want to fire chief executive Simon Kukes, the Vedomosti daily reported on Friday, quoting sources close to holding company Menatep. Kukes took over as CEO from Mikhail Khodorkovsky following Khodorkovsky's arrest last October on suspicion of fraud and tax evasion. A hearing on Friday may set a trial date for Khodorkovsky, who is a key Menatep shareholder.

Vedomosti quoted one source saying Kukes was expected to leave the company in June. Kukes "was not only not ready to lead YUKOS in a difficult situation, but often made things more complicated," the source told Vedomosti.


The newspaper named Steven Theede -- a former exploration and production executive at ConocoPhillips who now heads YUKOS Moskva -- as a potential successor to Kukes.


YUKOS could not immediately be reached for comment.


Kukes, a U.S. citizen of Russian origin, was recently stripped of the role of YUKOS chairman, with former Russian central bank head Viktor Gerashchenko set to take over.


The company's shares slumped to their lowest since December 2002 on Thursday after it warned it could be driven bankrupt if the government presses more tax demands on top of a 99.8 billion rouble ($3.4 billion) demand for the 2000 financial year.



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