The CEO of RRPK Andrew Teterkin leaving his post

The Russian Fishery Company (RRPK) will be replaced by the general director Andrei Teterkin. The reason for the personnel reshuffle: dissatisfaction of the main owner of the RRPK with the rate of crab catch.
The General Director of the Russian Fishery Company (RRPK) Andrei Teterkin leaves his post after six years of work. The reason could be dissatisfaction of the main owner of RRPK Gleb Frank with low rates of development of quotas for crab catch, as well as insufficient active work of the company in the retail segment.

About the departure of Andrei Teterkin from the post of the general director of the RRPK told "Kommersant" three representatives of the fishing industry and a source close to the company. Mr. Teterkin last week notified his colleagues of his departure (a copy of the letter is from Kommersant): "In the near future, I will stop working in the company - in accordance with the decision to be taken by the meeting of the participants of the RRPK. This will happen much earlier than expected. " A representative of Gleb Frank (owns 89.95% of the head of LLC "Russian Fishery Company" and majority stakes in other structures of the group) confirmed to Kommersant that the meeting of participants will decide to change the CEO on July 16, refusing to comment further. I could not contact Andrei Teterkin.

RRPK is one of the three largest fishing companies in Russia. By the end of 2017, it was supposed to catch 303,000 tons of fish, including 226,300 tons of pollock and 65,500 tons of herring. Revenue for the previous year was projected at $ 360 million, EBITDA - $ 115 million.

Mr. Teterkin headed the RRPK in November 2012 (at that time the company was called "Russian Sea - mining"). Prior to that, he held senior positions in the structures of SIBUR and Evraz. It was with him that the current structure of the RRPK was formed. In 2013, the company bought Far Eastern Vostokrybprom, Sovgavanrybu, Tournament and Intras for about $ 540 million, and a year later acquired Imlan and Pelagial. The head of the news agency for fishing Alexander Saveliev believes that the commission of these M & A was the main task of Andrei Teterkin. The change in the head of the RRPK can be connected with Gleb Frank's dissatisfaction with the low rates of development of quotas for crab catch, says one of Kommersant sources.

In 2017, the company paid for quotas for the extraction of 2.4 thousand tons more than 10 billion rubles. According to the RRPK, six crabs are fishing for crab today, and in July it was announced plans to build ten more. In addition, the source continues, "Kommersant", the company has not been able to develop in the segment of products in consumer packaging (brand Nordeco). The first batch of pollock fillets in a package of 1 kg RRPK was issued in late 2017, and in 2018 the retail line was to be expanded, Mr. Teterkin said earlier. In Internet shops "Perekrestok", "Alphabet of taste" and Auchan products under the brand Nordeco could not be found.

According to the Unified State Register of Legal Entities, since December 2012, Andrei Teterkin owns about 5.5% of the parent company RRPK and minority stakes in related structures. A source close to RRPK "Kommersant" does not rule out that after the departure of Mr. Teterkin, his share will be bought by Gleb Frank.

Andrei Teterkin's predecessor, Vadim Gurinov, who had 12.68% in the head structure of the RRPK, sold his share for several years after leaving, the EGRUL says. The source of Kommersant estimated the value of RRPK in 5-8 EBITDA indicators ($ 575-920 million, based on the forecasted results of 2017). Thus, the share of Andrei Teterkin could cost $ 31.6-50.6 million.

According to one of the sources of Kommersant, the most likely successor to Mr. Teterkin could be Fyodor Kirsanov, who has been working since April 2017 as deputy general director of the RRPK. Prior to joining the company he was the top manager of Polyus and SIBUR. Contact with him failed. Deputy Director of the Criminal Code "Norebo" Sergei Sennikov believes that the main task of the new head of the RRPK will be the fulfillment of all obligations in the framework of investment projects and the transition to deeper processing. In October 2017, the RRPK signed with the Admiralty Shipyards a contract for the construction of six trawlers worth more than 37 billion rubles. The company also plans to build two refineries in Murmansk and Primorye with a total value of 2.2 billion rubles.

Gleb Frank's fish-processing company is preparing to replace the general director
The crab catch quotas purchased for 10 billion rubles are used for less than a quarter
Vedomosti, 07/16/2018

 The general director of the Russian Fishery Company (RRPK) Andrei Teterkin is going to leave the company. On the change of leadership RRPK can be announced this week, told the "Vedomosti" three friends Teterkin and confirmed by a person close to the company. "The decision will be taken by the meeting of the participants [on Monday]" - so the main owner of the RRPK Gleb Frank answered the questions of Vedomosti about the change of the general director. Teterkin refused to comment, the representative of the RRPK did not respond to the request.

RRPK in 2011 founded the brother of the governor of Moscow region Maxim Vorobiev and Frank, the son-in-law of billionaire Gennady Timchenko. Teterkin led the company in 2012. The company unites several fishing enterprises in the Far East. In 2017, the RRPC produced more than 300,000 tons of fish of all types, including 226,300 tons of pollock, the most in Russia.

This spring, Frank Vorobyov decided to disperse: in April Vorobyov's share in the group's companies was bought by Frank - now he has 89.95% of shares. Teterkin owns 5.48% of the RRPK, follows from the Unified State Register of Legal Entities (another 4.57% belongs to the company's subsidiary structure). Will he sell them, Vedomosti's interlocutors do not know.

 Teterkin warned his subordinates about the coming care a week ago: he sent them an e-mail farewell letter. This was told by two of his acquaintances and confirmed by a person familiar with the leaders of the fish company. Teterkin has long wanted to leave, adds one of Vedomosti's interlocutors. True, in a letter to employees (the contents of Vedomosti got acquainted with its contents), the general director of the RRPK recognizes that he will have to do this much earlier than he planned. Because of this, he even had to change the working schedule - he could not attend the July events of the company in Vladivostok, it follows from his letter.

Teterkin's departure may be related to the unsuccessful implementation of the crab project of the company, friends of Frank and Teterkin say. In 2017, RRPK purchased at auction for a record 10 billion rubles. quota for the catch of about 2414 tons of crab. However, for their development, the RRPK lacks a fleet, Vedomosti's interlocutors explain.

If the situation does not change, the company may lose quotas, they argue: in order to preserve the right to catch, it is necessary to absorb at least half of the quotas for two consecutive years. In 2017, the RRPK, according to the Association of Crab Extractors of the Far East, mastered 542 tons of quotas (about 22% of the received at the auction - Vedomosti). In Rosrybolovstvo and the company itself did not provide information on the share of the quotas that have been developed.

Teterkin's successor will be led by his deputy Fedor Kirsanov, says two people familiar with the company's management. He joined the company in April 2017. Prior to that, he held managerial positions at United Engineering Plants, the gold mining company Polyus, and the United Shipbuilding Corporation. Kirsanov declined to comment.