Russia's CTC Media: Director General Boris Podolsky Resigns

The chief of the leading Russian media company will be replaced by Yuliana Slashcheva, current head of PR agency Mikhailov & Partners.

MOSCOW -- Boris Podolsky, general director of CTC Media, one of Russia’s main independent media companies, is stepping down as of Aug. 1 and will be replaced by Yuliana Slashcheva, current director general and president of PR agency Mikhailov & Partners.

“I have very much enjoyed my six years at CTC Media and the work we have done to transform the Company and its services during a period of great change,” Podolsky said. “I would like to thank the Company and all of its employees for an amazing experience and wish CTC Media every continued success as it embarks on the next stage of its journey.”

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Although CTC Media gave no reason for Podolsky’s departure, according to press reports, the company’s shareholders were not satisfied with his work and had been looking for a replacement for several months. A source quoted by the daily newspaper Vedomosti said that Podolsky wasn’t loyal enough to shareholders and was too independent in making decisions.

Slashcheva, 38, joined Mikhailov & Partners in 1994. She also had a stint as a partner at BBDO Marketing between 2004 and 2005, was a board member and corporate communications director of Russian energy investment company ESN Group, and was deputy general director of Russian regional energy distribution company Kolenergo.

“I am honored to have been selected to lead such a successful and well-positioned company with a long history and strong team," Slashcheva said in a statement. “The CTC Media brand is one of the most powerful in the market, and this is an exciting time for the development of the global media and entertainment business.”

Podolsky came to CTC Media as CFO in 2007 and was made acting general director in late 2011. He was officially appointed general director in June 2012. No information about Podolsky’s future plans is known.

On July 29, СТС Media’s stock lost 8.25 percent at Nasdaq on the news of Podolsky’s possible replacement.