November 12, 2019 / 1:53 PM / a month ago

UPDATE 1-Russia's Sberbank CFO Morozov to step down in July -CEO

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MOSCOW, Nov 12 (Reuters) - Alexander Morozov, the longstanding chief financial officer at Russia’s largest lender Sberbank, will leave his post at the state-owned bank on July 1, 2020, CEO German Gref said on Tuesday.

Gref said Morozov’s replacement is set to be the current CFO of aluminium producer Rusal, Alexandra Bouriko. A representative of Rusal said the company is in the process of looking for a new CFO, and that a decision will be announced before Jan. 1.

Morozov, who joined Sberbank in 2008, will take a short break after stepping down, before taking up a new role overseeing finance as deputy chairman of the board, Sberbank said in a statement.

Bouriko will begin working for Sberbank on Jan. 1 as an adviser to the president, the lender’s statement said.

“The 12 years, no less, that I spent at the bank as head of finance - it’s a huge amount of time,” Morozov, who took on the role of deputy chief executive and CFO in 2013, said. “It’s time to move on.”

During his tenure as CFO, Morozov was responsible for guiding the bank in and out of its foreign purchases, as well as its recent expansion into online businesses.

He has also worked on the bank’s net profit target of 1 trillion roubles ($15.67 billion) set for next year.

$1 = 63.8166 roubles Reporting by Tatiana Voronova; writing by Alexander Marrow; editing by Polina Ivanova and Jason Neely

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