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Izosimov Out at VimpelCom

VimpelCom will replace chief executive Alexander Izosimov with Norwegian chairman Jo Lunder, a move seen as an attempt to smooth over relations between warring shareholders Altimo and Telenor.

The mobile phone operator said Monday that Izosimov would step down as of June 30 — six months before the end of his contract. It did not give a reason for the change, but Izosimov was the public driver of VimpelCom's recent $6 billion acquisition of telecoms assets belonging to Egyptian tycoon Naguib Sawiris.

Telenor opposed the move, questioning its financial sense and arguing that VimpelCom would be better served focusing on its core Russia market.

(Reuters)

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