UPDATE: Chemezov, Ghosn can leave Russia’s AvtoVAZ bd of directors

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MOSCOW, Apr 18 (PRIME) -- Sergei Chemezov, CEO of Russian industrial holding Rostec, and CEO of Renault Carlos Ghosn can be replaced by Sergei Skvortsov from Rostec and Denis Le Vot from Renault-Nissan on the board of directors of car producer AvtoVAZ, the company said in a statement on Monday.

The shareholders will consider the issue at an annual general meeting on June 23.

Renault-Nissan and Rostec said in their joint statement that the decision was made because the strategy of the future development of AvtoVAZ is ready and needs to be implemented.

AvtoVAZ said in February that its net loss nearly tripled to 73.9 billion rubles in 2015. Rostec, whose joint venture with Renault-Nissan alliance holds 74.5% in AvtoVAZ, said then it planned to take measures to bail out the company.

Previous head of the company Bo Andersson resigned in February and was replaced by Nicolas Maure.

(66.0452 rubles – U.S. $1)

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