Rodnyansky steps down as CTC CEO

Will remain as president and join board of directors

MOSCOW -- Alexander Rodnyansky is stepping down as CEO of CTC Media, Russia's leading independent media company. He will be replaced by Anton Kudryashov as of Aug. 4.

Rodnyansky will remain the company's president and also will join its board of directors, CTC Media said Tuesday.

The company said the board's decision was motivated by "new operational and organizational challenges" that follow "diversification of its business, including several recent acquisitions."

Meanwhile, business daily Kommersant pointed to CTC's plummeting capitalization as well as falling ratings for the CTC channel, the group's main media asset, and said that the company is set to undergo a major restructuring of its management.

Kudryashov, 40, is the founder of the Afisha Publishing House and was chairman of that company's board until 2005.

Rodnyansky joined CTC Media in 2002 and was appointed CEO in February 2004. Under his management, the channel became one of the leaders of Russia's TV industry.

According to the Kommersant report, Rodnyansky will now focus on producing films, such as Fyodor Bondarchuk's "Inhabited Island" and on the Kinotavr festival, which he co-owns.