CTC Media's CEO Steps Down

The move comes at a time when the company's stock is in decline.

MOSCOW-- Anton Kudryashov has stepped down as CEO of CTC Media, Russia’s leading independent media company, to head the major mobile phone operator Vimpelcom. His resignation comes at a time when CTC’s stock price has been declining in response to the company’s lowering its forecast for revenue growth this year.

CTC Media said that Kudryashov, who headed the company from August 2008, stepped down “based on mutual agreement.”

Kudryashov has been replaced on an interim basis by the company’s CFO, Boris Podolsky, CTC Media said in a statement. Meanwhile, the company’s spokesperson told The Hollywood Reporter that there is no information as to when a permanent replacement could be appointed.

Kudryashov is leaving CTC Media, which operates the Russian television channels CTC, Domashny and Perets (formerly DTV), as well as TV assets in Kazakhstan and Moldova, at a time when not all is rosy for the company.

This year, CTC Media has already twice lowered its revenue growth forecasts for the entire year: first, from 20 percent to 15 percent in September, and then to 9 percent-11 percent in November. Meanwhile, according to the TV ad seller Video International, the Russian TV ad market is expected to grow by 20 percent this year.

From Aug. 1 to Dec. 16, the stock price of CTC Media on NASDAQ declined from $21.43 per share to $8.89 per share.