Sistema Hires Bashkortostan Manager

Sistema, billionaire Vladimir Yevtushenkov's holding company, said Friday that it had appointed Viktor Khoroshavtsev to oversee its minority stake in Bashneft and other oil assets in the Bashkortostan republic.

Khoroshavtsev, who has a background in the oil industry, previously was a senator from Udmurtia. He is a "specialist in overcoming crises," Sistema CEO Leonid Melamed said.

Khoroshavtsev will replace Maxim Voznesensky as head of Sistema-Invest, the unit in charge of the Bashkir interests, Interfax reported.

The appointment comes as the government is considering options for repurchasing Sistema's blocking stake in Svyazinvest. Deputy Prime Minister Sergei Ivanov has asked the Communications and Press Ministry to find a way to repurchase the stake without using budget money, a ministry spokeswoman said Friday.