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Billionaire Mikhail Fridman Officially Resigns From TNK-BP

Mikhail Fridman, co-owner of Russian-British oil holding company TNK-BP, officially resigned as head of the company Monday.

A statement on the TNK-BP site said Fridman submitted his resignation June 29, resigning as chairman of the board and CEO and passing his powers to the company's top management.

Fridman's resignation had been expected since mid-May, when reports emerged that he would quit his post because of aggression from BP, the company's main shareholder.

See also: TNK-BP Head Quits as Shareholder Crisis Flares

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