XXI Century CEO Resigns

In a press release on Friday, XXI Century (XXIC LN: N/R) announced that Nykolay Yerzhakhovsky, the company’s CEO was leaving the company for family considerations. XXI Chairman Lev Partskhaladze will temporarily assume Yerzhakhovsky’s role while the company searches for a new CEO. Andriy Gostik: In his comment to Interfax Yerzhakhovsky named a different reason for his departure from XXI Century: his disagreements with the company’s Chair of the Board of Directors with regard to the company’s development tactics. That said, we view this event as generally neutral for XXI Century in the midterm with possibly slight negative effect in the short term.