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Durov Steps Down as CEO of VKontakte

Published: April 1, 2014 (Issue # 1803)



  • Durov cited last year's shake-up in the composition of the company's stakeholders as significantly curbing his decision-making ability.
    Photo: Wikimedia Commons

  • Vkontakte founder Pavel Durov posted this picture along with a note announcing that he is leaving his post.
    Photo: Pavel Durov / Vkontakte

The founder of Russia's largest social network VKontakte, Pavel Durov, stepped down as CEO of the company after seven years in the post. He announced this on his Vkontakte page on April 1.

The CEO has significantly less freedom in managing the company after the changes occurred in the Vkontakte shareholders' structure in April 2013, Durov said. He added that he would continue cooperating with the company as a founder but was not interested in any formal position.

"It has become increasingly complicated to stick to the principles we once founded our social site upon," Durov said in his farewell letter, which included a picture of jumping dolphins with the text: "So long and thanks for all the fish."

A source close to the company confirmed Durov's resignation to Kommersant. In a tweet, the spokesperson for Vkontakte, Grigory Lobushkin, declined to provide any comment on Durov's statements. But an unnamed source close to the company said the vice president of the company and former president of Kommersant editorial house Dmitry Sergeyev will step in as provisional head of the company, RBC reported.

As recently as February, Lobushkin had denied reports Durov was planning to resign and refused to comment about possible successors.

VKontakte, a site similar to Facebook that draws most of its users from the former Soviet Union, has gone through several changes since investment fund United Capital Partners owned by businessman Ilya Sherbovich bought out two of the site's co-founders in April 2013, becoming its biggest shareholder with a 48 percent stake.

Since then Sherbovich publicly disapproved Durov's actions, accusing him among other things of using Vkontakte resources to promote the instant messenger Telegram, which, according to Sherbovich, was a rival.

Shortly after that Durov's brother stepped down as technical director of the firm.

In December 2013, Durov sold his 12 percent stake to MegaFon's CEO Ivan Tavrin, a close affiliate of billionaire Alisher Usmanov, who now owns the controlling share in Vkontakte after his Mail.ru group bought Tavrin's stake earlier this month.

After that, more changes took place in the management of the company. Durov's close allies, brothers Ilya and Igor Perekopsky, who held the positions of deputy CEO and financial director, left the company.

Pavel Durov, who created VKontakte in 2006 and has been founder and CEO of the company ever since, is branded by industry people as the Russian Zuckerberg. In 2013 the biggest Russian social network boasted that 14 million new users had joined it.





 


ALL ABOUT TOWN

Thursday, Oct. 2


The celebration of the bicentennial of the birth of Mikhail Lermontov continues with todays free exhibition in the citys Lermontov Library at 19 Liteiny Prospekt. Titled Under the Rustling Wings, the temporary exhibition will feature the costumes and scenery used in the 1917 production of Lermontovs play The Masquerade, which he wrote in 1835 when he was only 21 years old.



Friday, Oct. 3


Learn more about how to manage and evaluate employee performance during SPIBAs Human Resources Committee meeting this morning on Employee Assessment: Global and Local Trends. Starting at 9:30 a.m., the discussion will touch on such topics as the partnership between HR and business, reliable assessment strategies and more, with Tatiana Andrianova, the head of the SHL Russia and CIS branch in St. Petersburg, as the featured guest. Confirm your participation by Oct. 2 by emailing office@spiba.ru or calling 325 9091.


AmChams Procurement Committee Meeting is at 9 a.m. this morning in their office in the New St. Isaac Office Center on Ulitsa Yakubovicha.



Saturday, Oct. 4


Wine and cheese lovers will get their chance to revel during Scandinavia Country Club and Spas Wine Market Weekend. Going on today and tomorrow, wining diners can listen to live music, take part in culinary classes and, of course, sample a variety of fine wines from around the world. The cost of admission is 400 rubles ($10.30) for adults and 200 rubles ($5.15) for children.



Sunday, Oct. 5


Look for the latest fall fashions at the Autumn Market today in Freedom Anticafe at 7 Kazanskaya Ulitsa. The minimarket plans to offer clothes more flattering than the puffy jackets that are a staple of the citys cold-weather fashion, while offering the same amount of protection from the biting winds blowing off of the Baltic.



Monday, Oct. 6


SKA St. Petersburg, the citys KHL affiliate, welcomes Slovakian club HC Slovan in a match-up tonight at the Ice Palace near the Prospekt Bolshevikov metro station. The puck drops at 7:30 p.m. and tickets can be purchased on the clubs website or in person at either the arenas box office or the clubs merchandise store on Nevsky Prospekt.



Tuesday, Oct. 7


Learn more about Russias energy industry at the St. Petersburg Energy Forum that begins today and runs through Oct. 10. Attracting industry experts and political and business representatives, the forum plans to welcome more than 350 plus companies and their representatives to discuss the future of Russias largest economic sector.



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