AvtoVAZ appointed former transport minister Maxim Sokolov as its new president and CEO after its main shareholder Renault withdrew from the Russian market.
Renault struck a deal to sell its majority stake in AvtoVAZ to a Russian science institute, reportedly for the symbolic sum of just one ruble, with a six-year option to buy it back.
Sokolov, who served as Russia's transport minister from 2012-2018, is replacing Nicolas Maure, who began his tenure in May 2021. The board's decision to appoint Sokolov came into effect on Monday.