CTC Files Suit Against Former CEO

MOSCOW: CTC Media has filed a lawsuit against its former president and CEO and a current non-executive member of its board of directors, Alexander Rodnyansky.

CTC is claiming that Rodnyansky has been involved in the business of one of the company’s competitors in Russia and has acted against the best interests of CTC. His involvement with a competitor would be in breach of his duties as director of the company, and CTC Media has filed civil complaints against these actions in the Supreme Court of the state of New York for the county of New York and the Delaware Chancery Court. The company’s principal shareholders, Alfa CTC Holdings and MTG Russia, have issued a written notice to Rodnyansky that they "no longer support his remaining as a member of the company’s board of directors." 

His resignation from the board will come into effect February 7, 2010.