December 29, 2017 / 12:36 PM / 7 months ago

Mechel says CFO to leave company

MOSCOW (Reuters) - Russian coal and steel producer Mechel’s (MTLR.MM) Chief Financial Officer Sergey Rezontov is to step down for personal reasons, the company said in a statement on Friday.

FILE PHOTO - Sergey Rezontov, chief financial officer of Mechel company, looks on during an interview with Reuters in Moscow, Russia, October 25, 2016. Picture taken October 25, 2016.

“We are grateful to Sergey for his work and we treat his decision with understanding,” Chief Executive Oleg Korzhov said.

Rezontov has held the post since June 2016, according to Mechel, having first joined the company as the head of its corporate finance department over a decade ago.

During his time as CFO the company has faced painful restructuring talks, returning from the brink of bankruptcy with the support of Russia’s three largest state-controlled banks Sberbank (SBER.MM), VTB (VTBR.MM) and Gazprombank (GZPRI.MM).

The company, controlled by businessman Igor Zyuzin, is currently in talks to restructure its $1 billion (£739.81 million) syndicated loan.

Its net debt, excluding fines and penalties on overdue amounts, totalled 463.8 billion roubles (£5.9 billion) at the end of September.

Reporting by Polina Devitt; writing by Polina Ivanova; editing by Greg Mahlich

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